RIYADH (Reuters) – Saudi Arabia’s economy grew 1.3% year on year in the fourth quarter of 2024, preliminary government data showed on Sunday, supported by increased non-oil and government activities.
Non-oil growth rose 4.3% and government activities were up 2.6% while oil activities declined by 4.5%, data released by the General Authority for Statistics showed.
Growth in the kingdom, the world’s top oil exporter, is expected to remain muted this year, with low oil prices continuing to weigh on government revenue.
The OPEC+ oil producer group comprising the Saudi-led Organization of the Petroleum Exporting Countries and allies including Russia, plans to increase output in April, rolling back cuts agreed in stages since 2022 to support the market.
A Reuters poll expects the Saudi economy to grow by 1.3% this year, a slightly more conservative estimate than the International Monetary Fund’s recently revised projection of 1.5% and among the slowest in the Gulf Cooperation Council bloc.
(Reporting by Pesha Magid; Editing by David Goodman)
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