Via Rachna Uppal in reuters.com: Saudi Arabia’s economy returned to growth in 2024, with real gross domestic product increasing 1.3% compared to the previous year, preliminary government data released on Thursday showed, with non-oil sector activities lifting overall GDP. GDP growth surged 4.4% in the fourth quarter versus the same period a year earlier, estimates from the General Authority for Statistics showed, the highest quarterly growth rate in two years, with non-oil activity increasing 4.6%. Non-oil growth vastly outperformed overall GDP in 2024 as well, increasing 4.3% while oil activities declined 4.5% and government activities grew 2.6%. The Saudi economy contracted 0.8% in 2023 as oil production cuts and lower oil prices hit growth in the worlds biggest crude exporter.
