Palm trees and buildings in Saudi Arabia

Saudi Arabia GDP per capita (USD)

GDP per capita in Saudi Arabia

GDP growth weakens in Q1

A flash estimate showed that the economy grew 3.9% on an annual basis in Q1, after having expanded 5.5% in Q4.

The oil sector grew 1.3% in Q1 compared to 6.1% in Q4. Growth in the non-oil private sector fell to 5.8% in Q1 from 6.2% in Q4, while government services growth rose to 4.9% in Q1 from 2.9% in Q4.

On a seasonally-adjusted quarter-on-quarter basis, the economy contracted 1.3% in Q1, after having expanded 1.3% in Q4.

The weaker reading was driven by a slowdown in the oil sector, which was hit by lower OPEC quotas. The non-oil sector was more robust, with growth easing only slightly in year-on-year terms and rising slightly in quarter-on-quarter terms. This pattern is set to continue ahead. Oil output will be further knocked from May onward following further cuts to OPEC quotas announced in April, while the non-oil sector will continue to benefit from heavy government investment and low inflation. Looking at the economy as a whole, both year-on-year and quarter-on-quarter growth should continue to ease ahead.

Saudi Arabia GDP per capita Chart

This chart displays GDP per capita (USD) for Saudi Arabia from 2013 to 2022.

Saudi Arabia GDP per capita Data

2017 2018 2019 2020 2021
GDP per capita (USD) 21,922 25,332 24,503 20,958 25,458

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