GDP in Saudi Arabia

Saudi Arabia GDP (USD bn) | Economic News & Forecasts

Saudi Arabia - GDP (billions of U.S. Dollars)

GDP expands for the first time in two years in Q2

A flash estimate showed the economy grew 1.5% on an annual basis in the second quarter, after contracting 3.0% in the first quarter. The result marked the first expansion in output since Q2 2019.

The rebound was mainly due to a noticeably softer fall in oil sector activity, which contracted 7.0% in Q2 (Q1: -11.7% yoy). Moreover, non-oil sector growth gained momentum in the second quarter, increasing to 10.1% after reaching 3.7% in the prior quarter. Furthermore, government spending growth also ticked up to 0.7% in Q2 from Q1’s 0.3%.

Going forward, the non-oil private sector should continue to benefit from the gradual easing of Covid-19 containment measures and the resumption of international travel as the global vaccination campaign gains further steam. Turning to the oil sector, the easing of OPEC+ production curtailments from May through to October, coupled with higher prices and a low base effect, should benefit oil output for the remainder of the year—boding well for overall GDP.

Commenting on the outlook for the non-oil sector, analysts at Jadwa Investment noted:

“Looking ahead, we expect consumer spending to remain strong during H2 2021, especially as restrictions around social distancing are gradually relaxed (as herd immunity is reached) and a flurry of entertainment and leisure events are opened up to vaccinated individuals. For example, not only is Saudi Arabia hosting the Formula One Grand Prix race in December, the return of a large-scale leisure and entertainment festival (or ‘Saudi Seasons’) is also scheduled in Q4.”

FocusEconomics Consensus Forecast panelists see the economy expanding 2.4% in 2021, which is unchanged from last month’s forecast. For 2022, panelists project GDP to grow 4.5%.

Saudi Arabia - GDP (USD bn) Data

2015   2016   2017   2018   2019  
GDP (USD bn)654  645  689  786  793  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.

Download

Saudi Arabia Facts

Value Change Date
Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Dec 31
Stock Market0.21.00 %Jan 07

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.

Download

Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form