GDP in Saudi Arabia

Saudi Arabia GDP | Economic News & Forecasts

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  

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Saudi Arabia GDP Chart

Saudi Arabia GDP
Note: Annual variation of gross domestic product (GDP) 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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