GASTAT Data: Saudi Arabia Real GDP Rise
The result of the first three months of the fiscal year of one of the wealthiest countries in the Middle East has been shared, showing a slight growth in the real gross domestic product of the country. This official data belongs to Saudi Arabia where the real GDP has risen by 1.3 per cent compared to the previous quarter. It is an undeniable fact that the economy of Saudi Arabia is one of the largest economies in the Arab world and the Middle East and this data has again proved it.
Speaking of the rise in real GDP, the factors that influence it are oil and non-oil activities happening in the country. The General Authority for Statistics (GASTAT) is supporting the claims. As per GASTAT, the rise of 1.3 per cent in GDP was driven by oil and non-oil activities which rose by 2.4 per cent and 0.5 per cent during the period. However, the activities run by the government in the Kingdom witnessed a fall of 1 per cent in the first three months of this year as compared to the final quarter of the fiscal year of 2023.
GASTAT further disclosed in their report that the real GDP of Saudi Arabia fell by 1.8 per cent in the initial three months of 2024 against the same period of the last year. The authority blamed this decline on a decline in oil activity in the first quarter, which fell by 10.8 per cent on an annual basis. The decrease in oil exports resulted from the Kingdom’s choice to limit its petroleum production under an agreement made by OPEC+, the Organisation of the Petroleum Exporting Countries and its allies.
