The economy of Saudi Arabia expanded 1.1% from a year earlier in the second quarter of 2023, slowing from a 3.8% rise in the previous quarter, preliminary estimates showed. It was the weakest growth rate in nine quarters as the oil sector shrank 4.2% (vs +1.4% in Q1), amid oil-production cuts and a drop in prices. Meanwhile, non-oil activities remained robust (5.5% vs 5.4% in Q1) while government services (2.7% vs 4.9%) advanced less. Compared to the previous quarter, the GDP decreased 0.1%, led by a 1.4% fall in oil activities. The IMF recently cut its 2023 GDP growth forecast for Saudi Arabia to 1.9% from 2.1%, reflecting production cuts announced in April and June. source: General Authority for Statistics, Saudi Arabia

GDP Annual Growth Rate in Saudi Arabia averaged 3.72 percent from 1969 until 2023, reaching an all time high of 24.20 percent in the fourth quarter of 1973 and a record low of -20.70 percent in the fourth quarter of 1982. This page provides the latest reported value for - Saudi Arabia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Saudi Arabia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Annual Growth Rate in Saudi Arabia is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2024, according to our econometric models.

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Saudi Arabia GDP Annual Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-06-08 06:00 AM YoY Final Q1 3.8% 5.5% 3.9% 3.9%
2023-07-31 06:00 AM YoY Prel Q2 1.1% 3.8% 2.5%
2023-09-07 06:00 AM YoY Final Q2 3.8% 1.1%


Related Last Previous Unit Reference
GDP Growth Rate -0.10 -1.40 percent Jun 2023
GDP Annual Growth Rate 1.10 3.80 percent Jun 2023
GDP Constant Prices 753191.00 783569.00 SAR Million Mar 2023
Gross Fixed Capital Formation 294360.00 267784.00 SAR Million Mar 2023
GDP Growth Oil Sector 1.41 6.09 percent Mar 2023
GDP Growth Non Oil Sector 5.27 5.34 percent Mar 2023

Saudi Arabia GDP Annual Growth Rate
Saudi Arabia is the world´s biggest producer of oil and oil extraction accounts for 46 percent of GDP. The services sector represents 36 percent of the wealth including government services (13 percent), wholesale and retail trade and restaurants and hotels (8 percent) and financing, insurance and real estate (7.9 percent). Other sectors are: manufacturing (10 percent), construction and electricity, gas and water distribution (6 percent) and agriculture, forestry and fishing (2 percent).
Actual Previous Highest Lowest Dates Unit Frequency
1.10 3.80 24.20 -20.70 1969 - 2023 percent Quarterly

News Stream
Saudi Arabia GDP Growth Slows Sharply
The economy of Saudi Arabia expanded 1.1% from a year earlier in the second quarter of 2023, slowing from a 3.8% rise in the previous quarter, preliminary estimates showed. It was the weakest growth rate in nine quarters as the oil sector shrank 4.2% (vs +1.4% in Q1), amid oil-production cuts and a drop in prices. Meanwhile, non-oil activities remained robust (5.5% vs 5.4% in Q1) while government services (2.7% vs 4.9%) advanced less. Compared to the previous quarter, the GDP decreased 0.1%, led by a 1.4% fall in oil activities. The IMF recently cut its 2023 GDP growth forecast for Saudi Arabia to 1.9% from 2.1%, reflecting production cuts announced in April and June.
2023-07-31
Saudi Arabia Q1 GDP Annual Growth Revised Lower
Saudi Arabia’s gross domestic product advanced by 3.8% year-on-year in Q1 of 2023, compared to a 3.9% growth in the preliminary reading and after a 5.5% rise in Q4 of 2022. This was the eighth straight period of yearly expansion but the softest pace since Q2 of 2021 due to a remarkable slowdown in oil activities (1.4% vs 6.1% in Q4). Also, non-oil activities eased markedly (5.4% vs 6.2%) amid moderation in the output of agriculture (2.9% vs 6.2%), mining & quarrying (2.2% vs 7.3%), electricity, gas, water (1.6% vs 2.2%), transport, storage & communication (9.3% vs 13.1%) and finance, insurance, real estate & business services (2.8% vs 3.9%). Government activities went up by 4.9%, compared with a 2.9% increase previously. On quarterly seasonally adjusted data, the Saudi GDP shrank by 1.4%, the first contraction since the first quarter of 2021, after a 1.3% expansion in Q4.
2023-06-08
Saudi Q1 GDP Growth Weakest in 7 Quarters
The economy of Saudi Arabia expanded by 3.9% from a year earlier in the first quarter of 2023, slowing from a 5.5% rise in the previous quarter, preliminary estimates showed. It was the eighth successive period of economic growth but the softest pace since Q2 of 2021, as non-oil activities (5.8% vs 6.2%) and oil activities (1.3% vs 6.1%) advanced less. Meanwhile, government services continued to increase (4.9% vs 2.9%). On quarterly seasonally adjusted data, the Saudi GDP shrank by 1.3%, the first contraction since Q1 of 2021, reversing a 1.3% rise in Q4 of 2022. For the whole of 2022, the economy jumped 8.7%, accelerating sharply from 3.9% in 2021.
2023-05-07