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In the first half of 2024, Saudi Arabia's economy underwent notable shifts, reflecting both challenges and opportunities across various sectors. Real GDP experienced a 1.7% year-on-year decline in the first quarter of 2024 compared to the same period in 2023. However, on a seasonally adjusted basis, real GDP grew by 1.4% from the fourth quarter of 2023. The non-oil revenues hit 50% of the Kingdom's gross domestic product (GDP) in 2023, the highest level ever. The non-oil sectordemonstrated robust performance with a 3.4% annual growth and a 0.9% quarterly increase. . Government activities also increased by 2.0%, signaling ongoing efforts to diversify the economy.

Consumer spending indicators exhibited significant growth during this period. Point of Sale (PoS) transactions increased by 13.1% year-on-year, indicating the strength of domestic demand. Notable increases were observed in expenditures on miscellaneous goods, services, and jewelry, underscoring consumer confidence and economic vitality

The labor market showed signs of improvement, with the unemployment rate for Saudis declining to 7.5% in Q1 2024, nearing the Saudi Vision 2030 target of 7.0%. This improvement is crucial for overall economic stability and social development. Notably, the decline in unemployment rates for Saudi females contributed to an overall decrease in the total unemployment rate to 4.2%, signaling progress towards achieving labor market goals