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Saudi Arabia’s real gross domestic product (GDP) dropped by 1.7% year-on-year (YoY) in the first quarter of 2024, data issued by the General Authority for Statistics (GASTAT) showed.
Oil activities declined by 11.2% during the three-month period, while non-oil and government activities rose by 3.4% and 2% YoY, respectively.
GASTAT earlier announced it adopted the chain-linked methodology in calculating the real GDP and issued the Q4 2023 bulletin based on the new methodology, transitioning from the traditional fixed base-year methodology.
The chain-linked methodology is a dynamic approach to measure the economic growth rates and enhance the accuracy and reliability of economic indicators, as the new methodology allows a smooth transition between the years, which reflects economic trends and facilitates cross-country comparisons.
|
GDP by Regulatory Sectors (Chain-Linked Methodology) (SAR bln) |
|||
|
Sector |
Q1 2023 |
Q1 2024 |
Change |
|
Oil Activities |
100.28 |
89.07 |
(11.2%) |
|
Non-Oil Activities |
118.58 |
122.61 |
+3.4% |
|
Government Activities |
115.20 |
117.45 |
+2.0% |
|
Total Value Added |
111.23 |
109.00 |
(2.0%) |
|
Net Product Tax |
121.03 |
125.79 |
+3.9% |
|
GDP |
111.29 |
109.34 |
(1.7%) |
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