Saudi Arabia's first-quarter GDP contracts by approximately 1.7% year-on-year.


According to preliminary government data released on Sunday, Saudi Arabia's real gross domestic product (GDP) decreased by 1.7% year-on-year in the first quarter. The decline in economic output continues to be impacted by reduced oil activities, following a 3.7% contraction in the fourth quarter of 2023. This marks the third consecutive quarter of year-on-year GDP reduction in the kingdom, attributed to cuts in oil production and declining crude prices.

Estimates from the General Authority for Statistics indicate that oil activities experienced an 11.2% decline in the first quarter compared to the previous year. In contrast, non-oil GDP saw a 3.4% growth year-on-year, while government activities increased by 2%.