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Saudi Economy Grows 1.3% as Non-Oil Sectors Surge

1/30/2025

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Summary

Story summary

Saudi Arabia's economy expanded by 1.3% in 2024, with a strong 4.4% growth in Q4, fueled by non-oil sectors.
Non-oil activities surged by 4.6% year-on-year, playing a crucial role in GDP growth.
Inflation fell to 1.7%, a decrease from 2.3% in 2023.
The IMF adjusted 2025 growth forecasts to 3.3% amid oil production cuts.

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Story summary

Saudi Arabia's economy expanded by 1.3% in 2024, with a strong 4.4% growth in Q4, fueled by non-oil sectors.
Non-oil activities surged by 4.6% year-on-year, playing a crucial role in GDP growth.
Inflation fell to 1.7%, a decrease from 2.3% in 2023.
The IMF adjusted 2025 growth forecasts to 3.3% amid oil production cuts.