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
Saudi Arabia GDP Data
|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|