Saudi Arabia’s economy grows 3.4% in early 2025, led by non-oil businesses
Saudi Arabia’s real GDP grew by 3.4% in the first quarter of 2025 compared to the same period last year, based on updated official data. This growth was mainly driven by the non-oil sector.
Economic Growth
New data released on Monday shows that the economy grew by 2.7% in the last quarter, which is the same as the earlier estimate shared last month.
Non-oil sectors in the country grew by 4.9% compared to the same time last year, and by 1% compared to the previous quarter, according to the General Authority for Statistics (GASTAT).
Government-related activities increased by 3.2% from last year and by 5.5% from the previous quarter. However, oil-related activities dropped by 0.5% from last year and by 1.2% from the previous quarter.
Financial, insurance, and business services grew by 5.5% compared to last year but slightly dropped by 0.1% from the previous quarter.
GASTAT also reported that most sectors showed yearly growth. The biggest increase was seen in wholesale and retail trade, restaurants, and hotels, which grew by 8.4%. Transport, storage, and communication sectors followed, growing by 6%.
Non-Oil Exports
Saudi Arabia’s non-oil exports, including re-exports, grew by 13.4% in the first quarter of 2025 compared to the same time last year. In contrast, oil exports dropped by 8.4% during the same period.
Because of the drop in oil exports, total exports went down by 3.2% compared to last year. Also, oil exports made up a smaller share of the total exports—71.8% in early 2025, down from 75.9% a year earlier.
The Saudi government continues to invest in reducing its reliance on oil and is working to grow the private sector as part of its Vision 2030 plan.
Published: 10th June 2025
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