Due to the reduction in oil production and falling prices for it, the economy of Saudi Arabia declined by 0.8% in 2023. However, according to preliminary estimates from the government, published on Thursday, the economy is expected to return to growth in 2024, when the real gross domestic product is projected to increase by 1.3% compared to the previous year. The General Statistics Authority also announced its preliminary estimates, showing that in the fourth quarter, the gross domestic product grew by 4.4% compared to the same period last year, while oil activities increased by 4.6%. In the fourth quarter, the real gross domestic product grew by 0.3% compared to the third quarter of the same year.
