Saudi GDP down 0.3 pct year-on-year in Q2: report

RIYADH, Sept. 8 (Xinhua) — Saudi Arabia announced on Sunday a 0.3-percent year-on-year decrease in real gross domestic product (GDP) for the second quarter of 2024, mainly due to an 8.9-percent year-on-year drop in oil activities during the period.
The findings were part of a report released by the country’s General Authority for Statistics, which also showed that the kingdom’s seasonally adjusted real GDP grew by 1.4 percent compared to the previous quarter.
According to the report, non-oil activities continued their upward trend, expanding by 4.9 percent year-on-year, while government activities rose by 3.6 percent year-on-year.
In particular, electricity, gas and water activities achieved the highest growth rate in the second quarter, hitting 8.9 percent year-on-year, the report showed. ■