Preliminary Q4 estimates show Saudi GDP aligning with our expectations of 4.4% y/y growth, an increase from 3% in the previous quarter. This brings overall 2024 growth to 1.4%, in line with our projections. The non-oil sector continues to strengthen due to diversification efforts, as reflected in a robust 4.6% expansion during the quarter. We anticipate this momentum to persist into 2025 and overall growth to increase to 3.9%.
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