Saudi Arabia GDP grew 1.3% in 2024, govt estimate shows

ABU DHABI, Jan 30 (Reuters) - Saudi Arabia's economy returned to growth in 2024, with real gross domestic product increasing 1.3% compared to the prior year, showed preliminary government data released on Thursday.

GDP growth surged 4.4% in the fourth quarter versus the same period a year earlier, estimates from the General Authority for Statistics showed, with non-oil activity increasing 4.6%.

The Saudi economy shrunk 0.8% in 2023 as oil production cuts and lower oil prices hit growth in the world's biggest crude exporter.

(Reporting by Rachna Uppal; Editing by Christopher Cushing)

((rachna.uppal@thomsonreuters.com;))

More This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.