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Non-oil activities account for 52% of Saudi Arabia’s GDP in 2024, says finance minister

Non-oil activities account for 52% of Saudi Arabia’s GDP in 2024, says finance minister

Non-oil activities account for 52% of Saudi Arabia’s GDP in 2024, says finance minister

Feb 04, 2025

RIYADH — Finance Minister Mohammed Al-Jadaan stated that non-oil activities accounted for 52% of Saudi Arabia’s real GDP in the third quarter of 2024, driven by private sector investment and exports.

He also highlighted that the Kingdom has one of the fastest-growing and most developed capital markets in the world.

Al-Jadaan made these remarks while chairing the Saudi-German roundtable meeting on Sunday in Riyadh, which aimed to strengthen bilateral economic ties and explore avenues for joint cooperation.

The meeting brought together leading private sector companies from both countries.

He emphasized that Germany remains a key economic partner for Saudi Arabia, with both nations working to enhance their economic collaboration over the years.

He also outlined the achievements of Vision 2030, particularly the legislative reforms that have enabled greater private sector participation in the Kingdom’s economic development.

The minister noted Saudi Arabia’s strong financial position, citing its low debt-to-GDP ratio and the steady growth of non-oil revenues as indicators of a resilient economy.

He reiterated the role of private investment and exports in driving the Kingdom’s economic diversification efforts.

Al-Jadaan also highlighted the synergy between Saudi Arabia’s expertise in both traditional and renewable energy and Germany’s industrial and manufacturing strength, reinforcing their ongoing economic relationship.

He pointed out that Saudi Arabia is a major importer of German goods and mechanical vehicles, further strengthening trade ties between the two nations.

The discussions covered key economic developments in sectors such as renewable energy, petrochemicals, mining, healthcare, digital transformation, artificial intelligence, infrastructure, transportation, logistics, financial services, and tourism.

Additionally, representatives from the Ministry of Investment, the National Center for Privatization, and the Financial Sector Development Program presented investment opportunities and outlined the latest achievements in their respective fields.