Saudi Arabia: GDP growth declines in Q1
GDP growth moderated to 3.8% year on year in the first quarter, from 5.5% in the fourth quarter of last year. Q1’s reading marked the softest growth since Q2 2021.
Private consumption growth rose to 3.9% year on year in Q1 from a 3.7% expansion in Q4. Public consumption growth came in at 16.2% (Q4 2022: +5.7% yoy). Fixed investment growth fell to 17.6% in Q1 (Q4 2022: +20.6% yoy).
On the external front, exports of goods and services growth moderated to 2.0% in Q1 (Q4 2022: +3.5% yoy). Meanwhile, imports of goods and services growth rose to 11.2% (Q4 2022: +2.3% yoy).