Private Consumption in Saudi Arabia
The Saudi Arabian economy recorded an average growth rate of 4.2% in the decade to 2022. In 2022, private consumption growth was 4.9%. For more private consumption information, visit our dedicated page.
Saudi Arabia Private consumption Chart
Saudi Arabia Private consumption Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Private Consumption (ann. var. %) | 2.8 | 6.5 | -8.0 | 9.5 | 4.9 |
GDP shrinks again in Q4
According to a preliminary reading, GDP slid 3.7% year on year in the final quarter of 2023, above the 4.4% contraction seen in the third quarter. On a seasonally-adjusted quarter-on-quarter basis, economic activity bounced back 0.4% in Q4, contrasting the previous period's 3.2% decrease.
The oil activities sector shrank 16.4% year on year in Q4 (Q3: 17.0%), driving the downturn in GDP. This was the result of Saudi Arabia’s voluntary and OPEC+-mandated supply cuts. In contrast, the non-oil activities and government services sectors saw growth of 4.3% and 3.1% respectively in Q4.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian private consumption projections for the next ten years from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Saudi Arabian private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian private consumption projections.
Want to get access to the full dataset of Saudi Arabian private consumption forecasts? Send an email to info@focus-economics.com.
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