Saudi Arabia's Real GDP Decreases by 1.7 Percent in Q1
TEHRAN (ANA)- Saudi Arabia announced a 1.7 percent year-on-year decrease in real gross domestic product (GDP) for the first quarter of 2024, mainly due to an 11.2 percent year-on-year drop in oil activities during this period.
The findings were part of a report released by the Saudi General Authority for Statistics, which also revealed that seasonally adjusted real GDP grew by 1.4 percent compared to the previous quarter.
According to the report, non-oil activities continued their upward trend, expanding by 3.4 percent year-on-year, while government activities rose by 2.0 percent year-on-year.
The report highlighted that economic diversification is a pillar of Saudi Arabia's Vision 2030, with non-oil activities contributing a significant 50 percent of the GDP during the period, demonstrating the country's success in building a more diverse and resilient economy.
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