Palm trees and buildings in Saudi Arabia

Saudi Arabia GDP Q4 2023

Saudi Arabia: GDP declines at a faster pace in Q4

GDP fell at a faster rate of 4.3% year on year in the fourth quarter (preliminary estimate: -3.7% yoy), below the 3.2% contraction logged in the third quarter and the worst reading since Q2 2020. On a seasonally adjusted quarter-on-quarter basis, GDP declined 0.6% in Q4, improving from the previous period’s 2.3% contraction.

Private consumption grew 4.8% in the fourth quarter, which was below the third quarter’s 6.1% expansion. Public consumption expanded 4.5% (Q3: +6.8% yoy). Fixed investment rose 2.8% in Q4, from the 5.3% contraction recorded in the prior quarter. Exports of goods and services in Q4 declined 10.7% (Q3: -18.4% yoy). Conversely, imports of goods and services rose 5.8% in Q4 (Q3: +14.4% yoy).

Analysts at the EIU commented:

“The Saudi economy is expected to post a rebound in 2024, driven by higher oil production and robust non-oil sector growth. The kingdom is flush with cash from energy sales and will continue to ride a wave of capital expenditure projects aimed at meeting the targets in its ambitious economic diversification strategy, Vision 2030.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest