Saudi Arabia: Real GDP Grew by 4.4% in Q4 of 2024

GDP achieved a growth rate of 4.4% compared to the same period of the previous year
GDP achieved a growth rate of 4.4% compared to the same period of the previous year
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Saudi Arabia: Real GDP Grew by 4.4% in Q4 of 2024

GDP achieved a growth rate of 4.4% compared to the same period of the previous year
GDP achieved a growth rate of 4.4% compared to the same period of the previous year

Saudi Arabia’s General Authority for Statistics (GASTAT) issued flash estimates of the real Gross Domestic Product (GDP) for the fourth quarter of 2024, saying it achieved a growth rate of 4.4% compared to the same period of the previous year.

This marked the highest growth rate in the last two years driven by the main economic activities.

The estimates also showed that non-oil activities achieved a growth rate of 4.6%, oil activities of 3.4%, and government activities of 2.2%, compared to the same period of the previous year.

Additionally, the seasonally adjusted real GDP increased by 0.3% in the fourth quarter of 2024 compared to the third quarter of the same year.



47 Ships Rerouted to Egypt's Suez Canal this Month, Chairman Says

FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa
FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa
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47 Ships Rerouted to Egypt's Suez Canal this Month, Chairman Says

FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa
FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa

Egypt's Suez Canal Authority chairman Osama Rabei said on Sunday that 47 ships have been rerouted from Cape of Good Hope to Suez Canal since the start of February.

Earlier this month, Rabie said that the Red Sea crisis did not create a sustainable alternative route to the canal and that there were positive indicators for the return of stability in the region, Reuters reported.

Iran-backed Houthi militants have attacked vessels in the Red Sea area since November 2023, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.

Egyptian President Abdel Fattah al-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024.