Saudi Arabia's real GDP grows 3.4 per cent in the first quarter

The Saudi General Authority for Statistics (GASTAT) issued its report on real Gross Domestic Product (GDP) for the first quarter of 2025, revealing a 3.4 per cent growth compared to the same quarter in 2024. This growth was driven by a 4.9 per cent increase in non-oil activities and a 3.2 per cent rise in government activities.

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Saudi Press Agency (SPA) reported that oil activities recorded a 0.5 per cent decline.

Meanwhile, on a seasonally adjusted basis, real GDP increased by 1.1 per cent compared to the fourth quarter of 2024.

The results showed that non-oil activities were the primary contributors to real GDP growth on an annual basis, adding 2.8 percentage points.

Government activities and net product taxes also contributed positively, with 0.5 and 0.2 percentage points, respectively.

GASTAT noted that most economic activities achieved positive growth rates on an annual basis.

Wholesale and retail trade, restaurants, and hotels recorded the highest growth rates during the first quarter of 2025, with annual growth of 8.4 per cent and quarterly growth of 0.7 per cent

Meanwhile Saudi Arabia's non-oil activities expanded 4.9 per cent year-on-year in the second quarter of 2024, driven by gains in the financial and insurance sectors, official data showed.

According to data from the General Authority for Statistics (GASTAT), and published by Arab News, the financial, insurance, and business services sectors surged 7.1 per cent in the second quarter compared to the same period last year.

Non-oil activity also rose 2.1 per cent compared to the previous quarter, reflecting the Kingdom's efforts to broaden its economic base.