Palm trees and buildings in Saudi Arabia

Saudi Arabia GDP Q1 2024

Saudi Arabia: GDP records smallest drop since Q2 2023 in Q1

GDP fell at a softer pace of 1.7% year on year in the first quarter, above the 4.3% contraction logged in the fourth quarter of last year. Q1’s reading marked the smallest drop since Q2 2023. On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, expanding 1.4% in Q1, contrasting the previous period’s 0.6% contraction and marking the best result since Q4 2022.

Private consumption growth fell to 2.0% in Q1, marking the weakest expansion since Q1 2021 (Q4 2023: +4.9% yoy). Government spending picked up to a 6.3% increase in Q1 (Q4 2023: +4.5% yoy). Fixed investment growth accelerated to 4.7% in Q1, following the 2.8% increase in the previous quarter. Exports of goods and services fell 6.6% on an annual basis in the first quarter, which was above the fourth quarter’s 10.7% contraction. Conversely, imports of goods and services growth moderated to 1.8% in Q1 (Q4 2023: +5.8% yoy), marking the weakest reading since Q2 2021.

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