Palm trees and buildings in Saudi Arabia

Saudi Arabia GDP (USD bn)

GDP growth remains strong in Q4

A flash estimate showed that the economy grew 5.4% on an annual basis in Q4, after having expanded 8.7% in Q3. The print means that the economy grew 8.9% over 2022 as a whole, the fastest pace in the MENA region.

The oil sector grew 6.1% in Q4 compared to 14.2% in Q3. Growth in the non-oil private sector rose to 6.2% in Q4 from 6.1% in Q3, while government services growth eased to 1.8% in Q4 from 2.5% in Q3.

Q4’s deceleration was in part due to a base effect—seasonally adjusted quarter-on-quarter growth rose to 1.5% in Q4 from 1.2% in Q3. The non-oil private sector drove the improvement in qoq terms. Meanwhile, oil sector production contracted as a result of OPEC+’s quota cut, while government services production grew at a slightly weaker rate. Looking ahead to Q1 2023, our panelists expect year-on-year growth to weaken on a tougher base effect and the hit to oil production arising from the quota cut.

Saudi Arabia GDP (USD bn) Data

2017 2018 2019 2020 2021
GDP (USD bn) 715 846 838 734 868

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