Saudi GDP grows 4.5% in Q4 2024

Riyadh city

Saudi Arabia’s real GDP increased by 4.5% in the fourth quarter of 2024, compared to the same period in 2023, marking the highest quarterly growth rate in two years, according to the General Authority for Statistics (GASTAT).

GASTAT added that the Saudi economy recorded an annual growth of 1.3% in 2024.

The authority also noted that it adopted the chain-linking methodology for national accounts to calculate real GDP, replacing the previous fixed-base year method. This new approach was implemented for the Q4 2023 and annual 2023 reports.

The chain-linking methodology is a dynamic approach to measuring economic growth rates, particularly for estimating real growth in national accounts.

It gauges weights and prices from the previous year to the measurement year, allowing for assessments over consecutive periods and providing a more accurate reflection of current economic conditions.

GDP by Regulatory Sectors (Chain-Linking Methodology) (SAR bln)*
Sector	Q4 2023	Q4 2024	Change (%)
Oil	240.35	248.58	+3.4%
Non-Oil	446.73	467.51	+4.7%
Government	174.00	177.74	+2.1%
Gross Value-Added	848.50	855.20	+0.8%
Net Taxes on Products	37.48	39.56	+5.5%
GDP	891.38	931.28	+4.5%

*The chain-linking methodology is a non-additive model, thus subcomponents do not necessarily sum up to the total.

In Q4 2024, the GDP at current prices climbed by 0.8% to about SAR 1.02 trillion, compared to the same period in 2023.

In detail, the oil sector at current prices declined by 15.14% year-on-year (YoY) during the fourth quarter of 2024, while the non-oil sector grew 6.8% on an annual basis by the end of the three-month period. Elsewhere, the government sector rose by 4.1% YoY for the same quarter.

The table below shows the GDP by regulatory sectors at current prices:

GDP by Regulatory Sectors (SAR bln)
Sector	Q4 2023	Q4 2024	Change (%)
Oil	302.62	255.98	(15.4%)
Non-Oil	500.23	534.30	+6.8%
Government	164.75	171.52	+4.1%
Gross Value-Added	967.60	961.80	(0.6%)
Net Taxes on Products	49.09	63.03	+28.4%
GDP	1016.69	1024.83	+0.8%

The table below indicates Saudi GDP growth since 2018:

GDP Growth (Chain-Linking Methodology)
Period	QoQ with Seasonal Adjustments	YoY
Q1 2018	+1.8%	+2.4%
Q2 2018	+0.1%	+2.9%
Q3 2018	+1.0%	+3.1%
Q4 2018	+1.0%	+4.3%
Q1 2019	(0.8%)	+1.3%
Q2 2019	+0.7%	+1.6%
Q3 2019	(0.3%)	+0.9%
Q4 2019	+1.0%	+2.6%
Q1 2020	(2.7%)	(0.8%)
Q2 2020	(4.0%)	(7.1%)
Q3 2020	+2.0%	(3.8%)
Q4 2020	+1.5%	(2.7%)
Q1 2021	+0.4%	+0.5%
Q2 2021	+1.6%	+5.1%
Q3 2021	+3.1%	+6.3%
Q4 2021	+2.0%	+8.4%
Q1 2022	+2.2%	+7.5%
Q2 2022	+1.2%	+9.1%
Q3 2022	+1.2%	+8.0%
Q4 2022	+1.5%	+5.6%
Q1 2023	(1.5%)	+3.2%
Q2 2023	--	+1.7%
Q3 2023	(2.3%)	(3.2%)
Q4 2023	(0.6%)	(4.3%)
Q1 2024	+1.4%	(1.7%)
Q2 2024	+1.4%	(0.3%)
Q3 2024	+0.9%	+2.8%
Q4 2024	+0.5%	+4.5%

*Data updated as per GASTAT reports

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