The GDP in Saudi Arabia decreased by 1.7% during the first quarter

The General Authority for Statistics in Saudi Arabia revealed that the real GDP of Saudi Arabia decreased by 1.7% in the first quarter of 2024, compared to the same period in 2023.

The Authority said that oil activities declined by 11.2%, while non-oil activities increased by 3.4%, in addition to government activities growing by 2%.

The authority said that it had adopted the moving series methodology in the national accounts to calculate the real gross domestic product, as it issued the bulletin for the fourth quarter of 2023 and the annual bulletin for the same year with the new methodology, instead of the previous methodology that was based on using a fixed base year.

She explained that the moving chain methodology is considered a dynamic methodology used in measuring economic growth rates, specifically in estimating the real growth rates of the national accounts, using the weights and prices of the year preceding the year of measurement, to provide a measurement within the framework of contiguous time periods, and accurately reflects the current conditions in the economy of any country. This methodology is used.

By Editor

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