According to official data, Saudi Arabia’s non-oil activities grew 4.9% year over year in the second quarter of 2024, led by improvements in the insurance and financial industries.
In comparison to the same period last year, the financial, insurance, and business services sectors saw a 7.1% increase in second-quarter revenue, according to data released by Arab News and sourced from the General Authority for Statistics (GASTAT).
The report also showed that, in comparison to the first quarter, Saudi Arabia’s seasonally adjusted gross domestic product grew by 1.4% in the second quarter.
The Kingdom’s decision to reduce crude output under OPEC+ agreements resulted in an 8.9% decline in oil activities during the same period, which contributed to the GDP’s slight year-over-year decline of 0.3%.
In April 2023, Saudi Arabia lowered its oil production by 500,000 barrels per day in an effort to stabilise the market. This reduction has been maintained through December 2024.
Additionally, according to GASTAT, the Kingdom’s GDP for the second quarter came to SR1.02 trillion ($270 billion) at current prices.
According to GASTAT, “activities related to crude oil and natural gas achieved the highest contribution to the GDP, at 23.2%. Government activities followed at 16.1%, and activities related to wholesale and retail trade, restaurants, and hotels contributed 10.1%.”
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