Palm trees and buildings in Saudi Arabia

GDP in Saudi Arabia

Saudi Arabia GDP

GDP growth declines in Q1

GDP growth moderated to 3.8% year on year in the first quarter, from 5.5% in the fourth quarter of last year. Q1’s reading marked the softest growth since Q2 2021.

Private consumption growth rose to 3.9% year on year in Q1 from a 3.7% expansion in Q4. Public consumption growth came in at 16.2% (Q4 2022: +5.7% yoy). Fixed investment growth fell to 17.6% in Q1 (Q4 2022: +20.6% yoy).

On the external front, exports of goods and services growth moderated to 2.0% in Q1 (Q4 2022: +3.5% yoy). Meanwhile, imports of goods and services growth rose to 11.2% (Q4 2022: +2.3% yoy).

Saudi Arabia GDP Chart

This chart displays Economic Growth (GDP, annual variation in %) for Saudi Arabia from 2013 to 2022.

Saudi Arabia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.8 0.8 -4.3 3.9 8.7
GDP (USD bn) 846 838 734 868 1,107
GDP (SAR bn) 3,175 3,145 2,754 3,257 4,156
Economic Growth (Nominal GDP, ann. var. %) 18.4 -0.9 -12.4 18.3 27.6
Economic Growth (GDP non-Oil, ann. var. %) -0.9 3.5 -3.0 5.7 4.8
Economic Growth (GDP Oil, ann. var. %) 2.3 -3.3 -6.7 0.2 15.4

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