Saudi Arabia's Gross Domestic Product (GDP) experienced a decline of 1.80% in the latest data update as of May 1, 2024. This marks a significant improvement from the previous quarter when the GDP had contracted by 4.30% in the fourth quarter of 2023. The comparison, done year-over-year, reflects the change in economic performance for the same period compared to a year ago.
The updated figures suggest a partial recovery for Saudi Arabia's economic output, indicating some positive momentum amidst challenging global economic conditions. As the country continues to navigate through various economic challenges, stakeholders will closely monitor future GDP data to assess the trajectory of Saudi Arabia's economic recovery and its resilience in the face of evolving market dynamics.
