Home Industry Economy Saudi Arabia’s Q1 GDP shrinks estimated 1.7% YoY Oil activities were down 11.2 per cent in the first quarter versus the previous year, while non-oil GDP grew 3.4 per cent year on year by Reuters June 9, 2024 Image by Vadim_Nefedov/ Getty Images Saudi Arabia’s real gross domestic product (GDP) in the first quarter shrank 1.7 per cent from a year earlier, preliminary government data showed on Sunday, as a decline in oil activities continued to weigh on overall growth. The kingdom’s GDP shrank 3.7 per cent in the fourth quarter of 2023. The decline in the first quarter was the third consecutive quarter of year-on-year contraction in the kingdom, hurt by cuts to oil production and lower crude prices. #GASTAT publishes GDP and National Accounts, Q1 2024. — الهيئة العامة للإحصاء (@Stats_Saudi) June 9, 2024 Oil activities were down 11.2 per cent in the first quarter versus the previous year, estimates from the General Authority for Statistics showed, while non-oil GDP grew 3.4 per cent year on year and government activities increased 2 per cent. Read: Moody’s raises Saudi Arabia’s local, foreign currency rating to ‘Aa1’ Tags GDP General Authority for Statistics Oil Revenue Saudi Arabia You might also like Saudi Arabia announces discovery of seven oil, gas deposits Saudi Arabia’s wealth fund PIF swings to $36.8bn profit in 2023 Staycations rise, visitors staying longer in Middle East, reveals travel report GCC state investors dominate sovereign-backed investments, GlobalSWF says