Riyadh, Saudi Arabia – Saudi Arabia's economy continued its upward trajectory in the third quarter of 2024, propelled by the strong performance of its non-oil sectors. According to the General Authority for Statistics (GASTAT), non-oil activities expanded by 4.8% year-on-year, driven by robust growth in wholesale and retail trade, as well as restaurant and hotel sectors.

Key Highlights:

Non-Oil Sector Growth: Key sectors like wholesale and retail trade, restaurants, and hotels grew by 5.8% year-on-year.
Financial Services Boom: The financial, insurance, and business services sectors recorded a 5.7% increase.
Construction and Transport: Construction activities rose 4.6%, while transport, storage, and communication expanded 4.5%.
Overall GDP Growth: Saudi Arabia's real GDP grew 2.8% year-on-year and 0.7% quarter-on-quarter.
Government and Oil Activities: Government activities grew 3.1% year-on-year, while oil activities rose modestly by 0.5%.
Investment and Trade: Gross fixed capital formation increased 4.5% year-on-year, and imports rose 7.3%. Exports grew 3% year-on-year but declined quarter-on-quarter.
Diversification Efforts Pay Off:

Saudi Arabia's ambitious Vision 2030 initiative, aimed at diversifying the economy away from oil, is gaining momentum. The robust performance of non-oil sectors underscores the success of these diversification efforts. As a result, non-oil activities now contribute a significant 52% to the Kingdom's GDP.

A Sustainable Future:

The strong economic performance, coupled with the government's commitment to reforms and investments, positions Saudi Arabia for sustainable long-term growth. The Kingdom's diversified economy, coupled with its strategic geographic location and abundant natural resources, makes it a promising investment destination.