- | 2:00 pm
Saudi Arabia’s economy grows 2.8% driven by non-oil sector expansion
Saudi Arabia's commitment to economic diversification and sustainable development positions it as a key player in the global economy.
Saudi Arabia’s economy grew in the third quarter of 2024, with real GDP expanding by 2.8% year-on-year. This positive trajectory is primarily driven by the non-oil sector, which witnessed a 4.2% year-on-year expansion. This aligns with Saudi Arabia’s Vision 2030 initiative, which aims to diversify the economy and reduce reliance on oil revenues.
The non-oil sector has emerged as a key driver of economic growth, highlighting the success of Saudi Arabia’s diversification efforts. Government initiatives and policies have been instrumental in stimulating economic activity and attracting foreign investment.