Consumption in Saudi Arabia

Saudi Arabia Consumption | Economic News & Forecasts

Saudi Arabia - Consumption

GDP accelerates to a fresh over-decade high in Q2

A flash estimate showed that the economy grew 11.8% on an annual basis in Q2—the fastest pace since 2011—thereby confirming the economy continued to grow at breakneck speed after expanding 9.9% in Q1.

The improved performance was due to a stronger expansion in the oil sector, which grew 23.1% in Q2 compared to 20.3% in Q1. Growth in the non-oil private sector edged up to 5.4% in Q2 from 4.5% in Q1, while non-oil government activity growth slowed to 2.2% in Q2 (Q1: 2.4%).

Q2’s acceleration was in part due to a base effect—seasonally adjusted quarter-on-quarter growth slowed to 1.8% in Q2 from 2.6% in Q1. The non-oil sector dragged on sequential growth. Nonetheless, the oil sector sped up in quarter-on-quarter terms due to rising oil production. Looking ahead, the oil sector is set to continue driving momentum. Regarding overall GDP, sequential growth is likely to remain robust in Q3, though year-on-year growth will be dented by a tougher base effect.

FocusEconomics panelists project GDP to rise 7.7% in 2022, which is up 0.3 percentage points from last month’s estimate. For 2023, panelists expect the economy to expand 3.6%.

Saudi Arabia - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)-     -     -     -     -     

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Saudi Arabia Consumption Chart


Saudi Arabia Consumption
Note: Annual variation of total consumption in %.
Source: Central Department of Statistics and Information.

Saudi Arabia Facts

Value Change Date
Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Dec 31
Stock Market0.21.00 %Jan 07

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