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Saudi Arabia’s real gross domestic product (GDP) rose 5.4% year-on-year (YoY) in the fourth quarter of 2022, data issued by the General Authority for Statistics (GASTAT) showed.
The Kingdom’s annual real GDP grew for the seventh quarter in a row, recording 8.7% growth in 2022.
This growth was triggered by a 6.2% increase in non-oil activities, in addition to a 6.1% rise in oil activities. Government services also grew 1.8% in 2022.
Read also: IMF predicts continued strong growth of Saudi non-oil economy in 2023
GASTAT started to publish flash estimates for GDP on a quarterly basis starting from the third quarter of 2020 to provide real-time information about the Saudi economy.
The authority defines flash estimates of the quarterly GDP as an estimation of the quarterly GDP during a short period after the end of the reference quarter when the data related to the quarter is still incomplete.
The table below indicates Saudi GDP growth since 2018:
|
GDP, Real GDP Growth Rates with Seasonal Adjustment* |
||
|
Period |
On QoQ basis with seasonal adjustment |
On YoY 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 |
(1.5%) |
(2.4%) |
|
Q2 2021 |
+1.8% |
+3.1% |
|
Q3 2021 |
+4.3% |
+6.7% |
|
Q4 2021 |
+2.4% |
+8.3% |
|
Q1 2022 |
+2.6% |
+10.0% |
|
Q2 2022 |
+1.1% |
+11.2% |
|
Q3 2022 |
+1.2% |
+8.7% |
|
Q4 2022 |
+1.5% |
+5.4% |
The following table shows Saudi Arabia's GDP by regulatory sector at constant prices during Q4 2022:
|
GDP By Economic Activity at Constant Prices in Q4 2022 |
||
|
Sector |
QoQ |
YoY |
|
Oil activities |
(0.3%) |
+6.1% |
|
Non-oil activities |
+1.7% |
+6.2% |
|
Government activities |
+0.5% |
+1.8% |
|
GDP |
+1.5% |
+5.4% |
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