GDP per capita in Saudi Arabia
Saudi Arabia - GDP per capita (U.S. Dollars)
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 per capita (USD) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 21,063 | 20,284 | 21,113 | 23,536 | 23,265 |
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 keep falling in December as global economic outlook remains glum
January 10, 2023
The OPEC oil basket traded at USD 79.7 per barrel in December on average, down 11.2% from the prior month.
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Saudi Arabia: Non-oil PMI falls in December
January 3, 2023
The Non-oil S&P Global Purchasing Managers’ Index (PMI) fell to 56.9 in December from November’s 58.5.
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Saudi Arabia: Inflation eases to lowest level since July in November
December 14, 2022
Inflation edged down to 2.9% in November, from October’s 3.0%.
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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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