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Saudi Arabia’s real gross domestic product (GDP) rose by 11.8% year-on-year (YoY) in Q2 2022, the highest since Q3 2011 when it reached 13.6%, data issued by the General Authority for Statistics (GASTAT) showed.
The economic growth was driven by a significant increase in oil activities by 23.1% YoY and 5.4% rise in non-oil activities. Meanwhile, government activities increased by 2.2% YoY.
Compared to Q1 2022, real GDP achieved growth of 1.8%.
The table below indicates Saudi GDP growth since 2018:
|
GDP, Real GDP Growth Rates With Seasonal Adjustment |
||
|
Period |
On a quarterly basis with seasonal adjustment |
On an annual basis |
|
Q1 2018 |
+1.4% |
+1.4% |
|
Q2 2018 |
+1.0% |
+1.6% |
|
Q3 2018 |
+1.0% |
+2.4% |
|
Q4 2018 |
+0.5% |
+4.3% |
|
Q1 2019 |
(0.9%) |
+1.7% |
|
Q2 2019 |
+0.1% |
+0.5% |
|
Q3 2019 |
(0.2%) |
(0.5%) |
|
Q4 2019 |
+0.3% |
(0.3%) |
|
Q1 2020 |
(1.3%) |
(1.1%) |
|
Q2 2020 |
(4.8%) |
(7.2%) |
|
Q3 2020 |
+0.7% |
(4.5%) |
|
Q4 2020 |
+2.1% |
(3.8%) |
|
Q1 2021 |
(1.1%) |
(2.6%) |
|
Q2 2021 |
+0.2% |
+1.9% |
|
Q3 2021 |
+5.7% |
+7.0% |
|
Q4 2021 |
+1.6% |
+6.7% |
|
Q1 2022 |
+2.6% |
+9.9% |
|
Q2 2022 |
+1.8% |
+11.8% |
The below table indicates the details of GDP growth in Q2 2022:
|
GDP By Economic Activity in Q2 2022 |
|||
|
Sector |
Q1 2021 |
Q1 2022 |
Change |
|
Oil activities |
+ 4.8% |
+23.1% |
+4.8% |
|
Non-oil activities |
(0.4%) |
+5.4% |
(0.4 %) |
|
Government activities |
+0.2% |
+2.2% |
+0.2% |
|
GDP |
+1.8% |
+11.8% |
+1.8% |
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