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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
Note: This chart displays Private Consumption (annual variation in %) for Saudi Arabia from 2014 to 2023.
Source: Macrobond.
Saudi Arabia Private consumption Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Private Consumption (ann. var. %) | 6.5 | -8.0 | 9.5 | 4.9 | 5.3 |
Economy records best reading since Q2 2023 in Q2
According to a preliminary reading, GDP declined at a milder rate of 0.4% year on year in the second quarter, above the 1.7% contraction recorded in the first quarter and marking the best result since Q2 2023. On a seasonally-adjusted quarter-on-quarter basis, economic growth was unchanged at 1.4% in Q2.
Oil output declined by 8.5% in Q2, slightly softer than Q1’s decline, with the energy sector still weighed on by ongoing OPEC+ production cuts. In contrast, the expansion in the non-oil sector sped up to 4.4% year on year.
Consensus Forecasts and Projections for the next ten years
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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