Riyadh: The Kingdom of Saudi Arabia’s non-oil activities continued their upward trend, expanding by 3.4 percent year-on-year in the first quarter of 2024.
According to a new report released by the General Authority for Statistics (GASTAT) on Sunday, June 9, the real GDP decreased by 1.7 percent in the first three months of this year compared to the previous quarter.
However, the real gross domestic product grew by 1.4 percent in the first quarter compared to the previous quarter.
The report further noted that government activities in the Kingdom rose by 2 percent in the first quarter, while oil activities decreased by 11.2 percent year-on-year.
This reflects the clear impact of the Kingdom’s transformation into a global destination for tourism and entertainment, and advances the process of economic diversification and growth engines.
This increase comes in line with the goals of Saudi Vision 2030 which aims for a prosperous economy through diversifying growth engines, with the Kingdom successfully implementing programs and projects, opening new sectors for higher growth rates.
