Saudi Arabia GDP

Saudi Arabia

Saudi Arabia: GDP accelerates in Q1 as oil activity rebounds

July 2, 2015

GDP expanded 2.4% in Q1 over the same quarter last year, which represented an acceleration over the 1.6% increase tallied in Q4 (previously reported: +2.0% year-on-year). The print overshot the 2.2% increase that FocusEconomics panelists had expected and marked the fastest growth in three quarters. The acceleration observed in Q1 mainly reflected a rebound in the oil-related sector (Q4: -0.7% yoy; Q1: +1.8% yoy), while non-oil industries recorded a mild slowdown (Q4: +3.4% yoy; Q1: +3.3% yoy).

Growth in the agriculture sector slowed to 1.2% in Q1 (Q4: +1.6% yoy), while dynamics in the manufacturing sector moderated to a 3.3% expansion (Q4: +7.1% yoy). Activity in mining and quarrying, which include the all-important crude and oil sectors, rose 1.6% in Q1, marking a rebound over the 1.4% decline tallied in Q4. In the services sector, growth in financial services slowed in Q1, while dynamics in domestic trade and the construction sector accelerated.

The Saudi Arabian Monetary Authority (SAMA) expects the economy to increase 2.8% in 2015. FocusEconomics panelists project the economy to grow 2.6% in 2015, which is up 0.1 percentage points from last month’s estimate. For 2016, panelists expect the economy to also grow 2.6%.


Author: Ricard Torné, Lead Economist

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SaudiArabia GDP Q115

Note: Year-on-year changes of GDP in %.
Source: Central Department of Statistics & Information (CDSI) and FocusEconomics Consensus Forecast.


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