GDP in Saudi Arabia
Saudi Arabia - GDP
GDP growth remains strong in Q3
A flash estimate showed that the economy grew 8.6% on an annual basis in Q3, thereby confirming the economy continued to grow at one of fastest rates in the region after having expanded 12.2% in Q2.
The oil sector grew 14.5% in Q3 compared to 22.9% in Q2. Growth in the non-oil private sector declined to 5.6% in Q3 from 8.2% in Q2, while government services growth was stable at 2.4%.
Q3’s slight deceleration was in part due to a base effect—seasonally adjusted quarter-on-quarter growth rose to 2.6% in Q3 from 2.2% in Q2. The oil sector drove the improvement. Government services activity also improved, while non-oil private sector came close to stagnation. Looking ahead to Q4, our panelists expect year-on-year growth to weaken on a tougher base effect and the hit to oil production arising from the recent OPEC+ quota cut.
FocusEconomics panelists see GDP growing 3.6% in 2023, which is down 0.3 percentage points from last month’s forecast. In 2024, the panel sees economic growth at 2.9%.
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 fall over last month as global economic outlook remains dim
November 29, 2022
The OPEC oil basket traded at USD 90.8 per barrel on average over the last month, down 3.0% from the prior month.
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Saudi Arabia: Inflation decreases slightly in October
November 15, 2022
Inflation moderated to 3.0% in October, easing slightly from September’s 3.1%.
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Saudi Arabia: PMI rises in October
November 2, 2022
The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 57.2 in October, up from September's 56.6.
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Saudi Arabia: Oil prices rise over last month as OPEC+ cuts quotas by 2.0 mbpd
November 1, 2022
The OPEC oil basket traded at USD 98.5 per barrel on average over the last month, up 4.3% from the prior month.
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Saudi Arabia: GDP growth remains strong in Q3
October 31, 2022
A flash estimate showed that the economy grew 8.6% on an annual basis in Q3, thereby confirming the economy continued to grow at one of fastest rates in the region after having expanded 12.2% in Q2. The oil sector grew 14.5% in Q3 compared to 22.9% in Q2.
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