Saudi Arabia's real GDP grows 2.7% in Q1: GASTAT
According to flash estimates released by the General Authority for Statistics, non-oil activities expanded 4.2 percent during the first three months of the year, extending their growth streak to 17 consecutive quarters. Government services rose 3.2 percent, while oil-related activities contracted 1.4 percent.
Saudi Arabia's growth in the non-oil sector aligns with the goals outlined in the Vision 2030 program, which aims to diversify the country's economy by reducing reliance on crude revenues.
This comes as the International Monetary Fund, in its latest economic outlook, noted that short-term growth in the Middle East will be driven by the expansion of the non-oil sector, projecting the region's economy to grow by 2.6 percent in 2025 and 3.4 percent in 2026.
In a release, GASTAT stated it has conducted 'a comprehensive revision of GDP estimates as part of its efforts to achieve high levels of alignment with international standards and data quality.'
It added: 'Nominal and real GDP (annually and quarterly) time series have been revised accordingly.'
On a quarterly basis, seasonally adjusted GDP rose 0.9 percent, with government activities jumping 4.9 percent and non-oil output increasing 1.0 percent. Oil sector GDP dropped 1.2 percent amid ongoing production cuts under the OPEC+ agreement.
Saudi Arabia's GDP growth also aligns with the broader Middle East trend, where other countries are steadily diversifying their economies.
Qatar's full-year GDP for 2024 grew by 1.7 percent, driven by a 1.9 percent rise in non-hydrocarbon activities. The UAE's central bank projects 4 percent GDP growth in 2024, while Bahrain reported year-on-year expansion of 2.1 percent in the third quarter.
Saudi Arabia is ramping up efforts to enhance its data infrastructure, drive digital transformation, and harness artificial intelligence and advanced technologies to boost the efficiency and accuracy of its statistical operations.
Speaking at the first Saudi Statistics Forum held earlier this week, Fahad Al-Dossari, president of GASTAT, reiterated the authority's commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards.
'Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,' Al-Dossari said during the event in Riyadh.
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