GDP in Saudi Arabia
Saudi Arabia - GDP
GDP growth improves in Q1
A flash estimate showed that the economy grew 9.6% on an annual basis in the first quarter of 2022, after expanding 6.7% in the fourth quarter of 2021.
The improved performance was due to a stronger expansion of the oil sector, which grew 20.4% in Q1 2022 compared to 10.9% in Q4 2021. Growth in the non-oil private sector, meanwhile, slowed to 3.7% in Q1 from 4.7% in Q4 last year, while non-oil government activity growth was stable at the prior quarter’s 2.4% in Q1.
Moving forward, the non-oil private sector should continue to benefit from looser Covid-19 containment measures and the resumption of international travel. Turning to the oil sector, the ongoing easing of OPEC+ production curtailments should continue to support the energy economy and oil output. This, coupled with nearly decade high prices for oil—largely stemming from the ongoing war in Ukraine—bodes well for public finances.
FocusEconomics panelists see GDP growing 6.3% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, the panel sees economic growth at 3.4%.
Saudi Arabia - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 4.1 | 1.7 | -0.7 | 2.4 | 0.3 |
Saudi Arabia GDP Chart
Source: Central Department of Statistics and Information.
Saudi Arabia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.49 | 0.0 % | Jun 23 |
| Exchange Rate | 3.75 | 0.0 % | Dec 31 |
| Stock Market | 0.2 | 1.00 % | Jan 07 |
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Economic News
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Saudi Arabia: Oil prices rise in May; OPEC+ agrees to add more oil to market
June 2, 2022
The OPEC oil basket traded at USD 113.9 per barrel on average in May, up 7.7% from the prior month.
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Saudi Arabia: Inflation comes in at highest level since June 2021 in April
May 15, 2022
Consumer prices rose 0.43% in April over the previous month, accelerating from the 0.27% rise logged in March.
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Saudi Arabia: Non-oil PMI rises in April
May 9, 2022
The Purchasing Managers’ Index (PMI), produced by S&P Global, fell to 57.7 in April (March: 56.8).
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Saudi Arabia: GDP growth improves in Q1
May 1, 2022
A flash estimate showed that the economy grew 9.6% on an annual basis in the first quarter of 2022, after expanding 6.7% in the fourth quarter of 2021. The improved performance was due to a stronger expansion of the oil sector, which grew 20.4% in Q1 2022 compared to 10.9% in Q4 2021.
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Saudi Arabia: Oil prices decline in April, but remain at near-decade highs nonetheless
May 1, 2022
The OPEC oil basket traded at USD 105.8 per barrel on average in April, down 6.8% from the prior month.
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