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Saudi GDP rises 4.4% in late 2024 as non-oil sector drives recovery

Posted on March 3, 2025 |

Saudi Arabia’s economy grew by 4.4% in Q4 2024, its fastest pace in two years.

Non-oil sectors expanded by 4.6%, while oil sectors grew by 3.4%.

The country’s budget deficit reached SAR57.7 billion ($15.38 billion) in Q4, up from SAR30.2 billion ($8.05 billion) in Q3.

Government revenue fell by 15.4%, and spending dropped by 8.7%.

Non-oil exports increased by 18.1% in December, with chemical product exports rising by 13.8%.

Saudi Arabia’s non-oil private sector grew at its fastest rate in ten years in January 2025, as PMI hit 60.5 due to higher orders and business activity.

Cement sales rose by 7.3% year-on-year in January, reaching 5 million tons, up from 4.7 million tons the previous year.

Consumer spending grew by 11.1% in January 2025, reaching SAR127 billion ($33.86 billion). E-commerce sales jumped 44.6%, while jewellery (+24.7%) and clothing & footwear (+13.9%) saw the highest growth in POS transactions.

Inflation rose by 1.97% in January, slightly higher than December’s 1.93%, mainly due to an 8.05% increase in rental costs.