Imports in Saudi Arabia
The Saudi Arabian economy recorded an average growth rate of 0.4% in the decade to 2022. In 2022, the growth rate was 11.7%. For more imports information, visit our dedicated page.
Saudi Arabia Imports Chart
Saudi Arabia Imports Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Imports (G&S, ann. var. %) | 2.6 | 9.5 | -19.9 | 8.3 | 12.4 |
GDP shrinks again in Q4
According to a preliminary reading, GDP slid 3.7% year on year in the final quarter of 2023, above the 4.4% contraction seen in the third quarter. On a seasonally-adjusted quarter-on-quarter basis, economic activity bounced back 0.4% in Q4, contrasting the previous period's 3.2% decrease.
The oil activities sector shrank 16.4% year on year in Q4 (Q3: 17.0%), driving the downturn in GDP. This was the result of Saudi Arabia’s voluntary and OPEC+-mandated supply cuts. In contrast, the non-oil activities and government services sectors saw growth of 4.3% and 3.1% respectively in Q4.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian imports projections for the next ten years from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable imports forecast available for Saudi Arabian imports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian imports projections.
Want to get access to the full dataset of Saudi Arabian imports forecasts? Send an email to info@focus-economics.com.
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