Saudi Arabia’s Gross Domestic Product (GDP) recorded a 4.4% growth rate in Q4 2024, marking the highest economic expansion in the past two years. According to flash estimates released by the General Authority for Statistics (GASTAT), this growth was driven by strong performance across key economic activities, reflecting the country’s continued resilience and diversification efforts under Vision 2030.
Sector-Wise Economic Performance
The latest data shows that non-oil activities led the growth momentum, expanding by 4.6% compared to Q4 2023. This reflects Saudi Arabia’s ongoing efforts to diversify its economy, reducing its reliance on the oil sector and promoting industries such as tourism, manufacturing, and technology.
The oil sector, which remains a crucial component of the kingdom’s economy, grew by 3.4%, indicating steady global demand and strategic oil production management. Meanwhile, government activities expanded by 2.2%, driven by continued infrastructure investments, fiscal initiatives, and public sector development projects.
Quarter-on-Quarter GDP Growth
In addition to the year-over-year growth, Saudi Arabia’s seasonally adjusted real GDP rose by 0.3% in Q4 2024 compared to Q3 2024. This increase reflects continued economic momentum, despite global economic uncertainties.
The steady expansion of the non-oil sector aligns with Saudi Arabia’s Vision 2030 strategy, which focuses on economic diversification, foreign investments, and infrastructure development. With strong government support and increasing contributions from technology, renewable energy, and logistics, Saudi Arabia is expected to maintain its growth trajectory in 2025.
These figures underscore the kingdom’s economic resilience and its commitment to long-term, sustainable growth, positioning Saudi Arabia as one of the region’s leading economies. Foreign direct investment (FDI) inflows also saw a notable rise, supporting key sectors such as finance, real estate, and tourism. The private sector played a crucial role in driving employment and business expansion. Analysts expect further growth in 2025, backed by pro-business reforms, infrastructure projects, and Saudi Arabia’s expanding global trade partnerships