GASTAT: Saudi non-oil activities soar by 28% in the first quarter of 2024
The General Authority for Statistics (GASTAT) has released a report indicating a remarkable 28% growth in non-oil activities in Saudi Arabia during the first quarter of 2024. This surge highlights the country’s diversification efforts and resilience in the face of economic challenges.
Diversification pays off
Saudi Arabia’s non-oil sector has been a key focus for the government as part of its Vision 2030 plan to reduce dependence on oil revenues. The latest data from GASTAT shows that these efforts are paying off, with significant growth seen across various industries.
A resilient economy
Despite global economic uncertainties and the impact of the COVID-19 pandemic, Saudi Arabia has demonstrated its resilience by recording such strong growth in non-oil activities. This diversification has helped cushion the economy and reduce its vulnerability to fluctuations in oil prices.
Looking ahead
The positive performance of the non-oil sector in the first quarter of 2024 bodes well for Saudi Arabia’s economic outlook. With ongoing efforts to diversify and strengthen other industries, the country is poised for continued growth and stability in the years to come.
