Saudi Arabia announced on Sunday a 0.3-per cent year-on-year decrease in real gross domestic product (GDP) for the second quarter of 2024, mainly due to an 8.9-per cent year-on-year drop in oil activities during the period.
The findings were part of a report released by the country’s General Authority for Statistics, which also showed that the kingdom’s seasonally adjusted real GDP grew by 1.4 per cent compared to the previous quarter.
According to the report, non-oil activities continued their upward trend, expanding by 4.9 per cent year-on-year, while government activities rose by 3.6 per cent year-on-year, Xinhua news agency reported.
In particular, electricity, gas and water activities achieved the highest growth rate in the second quarter, hitting 8.9 per cent year-on-year, the report showed.
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