GDP falls by 1.7% while non-oil activities grow by 3.4% during the first quarter of 2024
Write the description According to the General Authority for Statistics estimates, real GDP decreased by 1.7% in the first quarter of 2024 compared to the same quarter of 2023. Compared to the fourth quarter of 2023, real GDP, adjusted for the season, achieved a growth of 1.4%, as non-oil activities achieved an increase of 3.4% year-on-year, and 0.9% quarter-on-quarter. Government activities achieved a growth of 2.0% year-on-year, while they decreased by 1.1% quarter-on-quarter. Oil activities witnessed a decrease of 11.2% year-on-year, while they achieved an increase of 1.7% quarter-on-quarter. (Figure 1 and 2)
Real GDP by Economic Activities
The GDP at current prices amounted to 1,016 billion riyals in the first quarter of 2024, with crude oil and natural gas activities achieving the highest contribution to the GDP at 23.4%, followed by government activities at 15.8%, then wholesale and retail trade, restaurants and hotels activities with a contribution of 10.4% (Figure 5).
Relative contribution of economic activities at current prices
The GDP at current prices amounted to 1,016 billion riyals in the first quarter of 2024, with crude oil and natural gas activities achieving the highest contribution to the GDP at 23.4%, followed by government activities at 15.8%, then wholesale and retail trade, restaurants and hotels activities with a contribution of 10.4% (Figure 5).
Definitions
Gross Domestic Product (Production Method:
It is the total production minus the total intermediate consumption of all economic activities plus net taxes on products.
Gross Domestic Product (GDP) (Expenditure Method:
It is final expenditure at purchasers’ prices, and includes government final consumption expenditure, private final consumption expenditure, gross capital formation, and net exports (exports minus imports).
Method of Calculating Real Growth Rate:
Real GDP growth rates were calculated according to the moving series methodology, which is a dynamic approach used in economic measurement, and is used in estimating real GDP growth rates using the weights and prices of the year prior to the measurement year.
Seasonal Adjustments to GDP:
It is a process during which seasonal effects, the effect of holidays and calendar days are removed from the original data in order to make the data comparable across quarters.
Oil Activities
Includes crude oil and natural gas activities and refining activities
Government Activities
Includes the activities of all government entities included in the final account of the government and entities that provide non-market services and are controlled by them Government.
Non-oil activities
Includes all other economic activities except oil activities and government service activities.
Figure 2. Quarterly real GDP growth rate with seasonally adjusted quarterly basis, %
Figure 2. Quarterly real GDP growth rate with seasonally adjusted quarterly basis, %
Real GDP by expenditure components
Government final consumption expenditure grew by 6.3% year-on-year and 1.6% quarter-on-quarter in the first quarter of 2024. Gross fixed capital formation increased by 4.7% year-on-year and 4.0% quarter-on-quarter. Private final consumption expenditure increased by 2.0% year-on-year and decreased by 0.9% quarter-on-quarter. As for foreign trade, imports grew by 1.8% year-on-year and 1.3% quarter-on-quarter, while exports decreased by 6.6% year-on-year and increased by 7.4% quarter-on-quarter. (Figure 3)