Riyadh city
Saudi Arabia’s real GDP increased by 4.5% in the fourth quarter of 2024, compared to the same period in 2023, marking the highest quarterly growth rate in two years, according to the General Authority for Statistics (GASTAT). 
GASTAT added that the Saudi economy recorded an annual growth of 1.3% in 2024.
The authority also noted that it adopted the chain-linking methodology for national accounts to calculate real GDP, replacing the previous fixed-base year method. This new approach was implemented for the Q4 2023 and annual 2023 reports.
The chain-linking methodology is a dynamic approach to measuring economic growth rates, particularly for estimating real growth in national accounts.
It applies weights and prices from the previous year to the measurement year, allowing for assessments over consecutive periods and providing a more accurate reflection of current economic conditions.
Riyadh city
Saudi Arabia’s real GDP increased by 4.5% in the fourth quarter of 2024, compared to the same period in 2023, marking the highest quarterly growth rate in two years, according to the General Authority for Statistics (GASTAT).
GASTAT added that the Saudi economy recorded an annual growth of 1.3% in 2024.
The authority also noted that it adopted the chain-linking methodology for national accounts to calculate real GDP, replacing the previous fixed-base year method. This new approach was implemented for the Q4 2023 and annual 2023 reports.
The chain-linking methodology is a dynamic approach to measuring economic growth rates, particularly for estimating real growth in national accounts.
It applies weights and prices from the previous year to the measurement year, allowing for assessments over consecutive periods and providing a more accurate reflection of current economic conditions.
