Latest news with #non-oilactivities
Arabian Business
20 hours ago
- Business
- Arabian Business
Saudi Arabia's economy grows 3.4% in Q1 2025 as non-oil sector leads the way
Saudi Arabia's economy expanded by 3.4 per cent in the first quarter of 2025, compared to the same period in 2024, according to new data released by the General Authority for Statistics (GASTAT). The Kingdom's robust economic performance was driven primarily by a 4.9 per cent surge in non-oil activities, alongside a 3.2 per cent increase in government activities. Meanwhile, oil-related activities declined slightly by 0.5 per cent, underscoring the country's ongoing shift towards economic diversification under Vision 2030. Saudi GDP 2025 On a seasonally adjusted basis, real GDP increased by 1.1 per cent compared to the fourth quarter of 2024. GASTAT's report highlighted that non-oil activities were the largest contributors to real GDP growth on an annual basis, adding 2.8 percentage points to the total. Government activities contributed 0.5 percentage points, while net product taxes added a further 0.2 percentage points. Among individual sectors, wholesale and retail trade, restaurants, and hotels stood out with the highest annual growth rate of 8.4 per cent in Q1 2025, and a quarterly growth of 0.7 per cent, reflecting a rebound in consumer demand and tourism activity.
Asharq Al-Awsat
06-05-2025
- Business
- Asharq Al-Awsat
Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth
Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data. Growth was driven primarily by a 4.6% increase in non-oil activities, while oil activities declined by 3.5% over the same period, data from the Gulf nation's Information and eGovernment Authority showed. For 2024, Bahrain's real total gross domestic product grew by 2.6%, according to the statement. According to projections from the ministry, Bahrain's real GDP is expected to grow by 2.7% in 2025, due to a 3.4% expansion in non-oil activities, coinciding with the operation of the Bapco Modernization Program. The Bapco Modernization Program, one of Bahrain's largest energy investments, is expected to significantly raise refinery output, bolstering fiscal revenues amid efforts to diversify the economy. Growth is forecast to reach 3.3% in 2026, supported by a 3.9% increase in non-oil activities. "However, the forecasts will be closely monitored and updated to account for the ongoing global uncertainty and escalating turmoil that may affect the economic projections," the ministry said. Last month, global ratings agency S&P Global downgraded Bahrain's outlook to "negative" from "stable", citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden. Escalating trade tensions have added to global economic uncertainty, clouding macroeconomic forecasts and weighing on investor and policymaker confidence around the world.
