Saudi Arabia's GDP will grow by 1.3% between 2024 and 2024

Preliminary government data released on Sunday showed that Saudi Arabia's economy will grow by 1.3% in 2024. This growth is due to increased non-oil activities and government initiatives.

Data released by the General Authority for Statistics revealed that non-oil activities grew by 4.3%, government activities grew by 2.6% and oil activities decreased by 4.5%.

According to government estimates, the fourth quarter GDP of the Kingdom increased by 4.5% compared to last year.

Low oil prices will continue to affect government revenues, resulting in a slowdown in growth in the world's largest oil exporter.

The OPEC+ oil producers group, which includes the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, plan to increase production in April by rolling back the cuts agreed in phases since 2022 in order to support the market.

In a poll, respondents expected that the Saudi economy would grow at a rate of 1.3% by 2024. This was a conservative estimate compared to the revised 1.5% projection from the International Monetary Fund and the slowest growth in the Gulf Cooperation Council. (Reporting and editing by David Goodman.)

(source: Reuters)