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Saudi Arabia’s real gross domestic product (GDP) rose 12.2% year-on-year (YoY) in the second quarter of 2022, achieving its highest growth rate since Q3 2011, data issued by the General Authority for Statistics (GASTAT) showed.

 

Compared to Q1 2022, the seasonally-adjusted GDP grew by 2.2%.

 

According to GASTAT flash estimates, the Kingdom recorded an annual real GDP growth of 11.8%.

 

GDP at constant prices reached SAR 683.09 billion in Q2 2022, compared to SAR 609.05 billion in the corresponding period of 2021.

 

GASTAT added that this economic growth was primarily driven by the pick-up in oil activities at 22.9% YoY.

  

Non-oil activities grew by 8.2% YoY. Government activities rose by 2.4% YoY.

 

The following table shows Saudi Arabia's GDP at constant prices in Q2 2022:

 

 GDP By Economic Activity at Constant Prices (SAR bln)

Sector

Q2 2021

Q2 2022

Change

Oil activities

235.58

289.48

+22.9%

Non-oil activities

260.90

282.28

+8.2%

Government activities

86.13

88.17

+2.4%

GDP excluding net taxes on products

582.61

659.93

+13.3%

Net taxes on products

26.44

23.15

(12.4%)

GDP

609.05

683.09

+12.2%
 
 

 

The following table shows Saudi Arabia's GDP performance since 2018:

 

GDP, Real GDP Growth Rates With Seasonal Amendments

Period

Quarterly with seasonal amendments

Annually

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

+2.2%

12.2%
 

 

 

 

Details and historical data for Macro Economy

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