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
|GDP per capita (USD)||21,063||20,284||21,113||23,536||23,265|
5 years of economic forecasts for more than 30 economic indicators.
Saudi Arabia Facts
|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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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.
January 3, 2023
The Non-oil S&P Global Purchasing Managers’ Index (PMI) fell to 56.9 in December from November’s 58.5.
December 14, 2022
Inflation edged down to 2.9% in November, from October’s 3.0%.
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.
November 15, 2022
Inflation moderated to 3.0% in October, easing slightly from September’s 3.1%.