AI Summary
The Kingdom of Saudi Arabia's flag
Saudi Arabia’s real gross domestic product (GDP) expanded by 5.5% year-on-year (YoY) in the fourth quarter of 2022, data issued by the General Authority for Statistics (GASTAT) showed.
Compared to Q3 2022, the seasonally adjusted real GDP grew 1.3%.
The GDP growth was driven by non-oil and oil activities, which increased by 6.2% and 6.1% YoY, respectively.
The GDP at constant prices recorded SAR 783.6 billion in the three-month period, up from SAR 742.6 billion in Q4 2021.
On an annual basis, the Kingdom posted an economic growth of 8.7%, as oil and non-oil activities recorded a rise of 15.4% and 5.4% YoY, respectively. The non-government activities also rose by 2.6% compared.
The following table shows Saudi Arabia's GDP at constant prices in Q4 2022:
|
GDP By Economic Activity at Constant Prices (SAR bln) |
|||
|
Sector |
Q4 2022 |
Q4 2021 |
Change |
|
Oil activities |
279.85 |
296.87 |
+6.1% |
|
Non-oil activities |
319.67 |
339.34 |
+6.2% |
|
Government activities |
106.15 |
109.26 |
+2.9% |
|
Gross value added |
705.67 |
745.47 |
+5.6% |
|
Net taxes on products |
36.92 |
38.10 |
+3.2% |
|
GDP |
742.59 |
783.57 |
+5.5% |
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 |
+0.7% |
+1.6% |
|
Q2 2018 |
+0.5% |
+2.0% |
|
Q3 2018 |
+1.7% |
+2.7% |
|
Q4 2018 |
+1.2% |
+4.7% |
|
Q1 2019 |
(1.4%) |
+1.8% |
|
Q2 2019 |
-- |
+1.3% |
|
Q3 2019 |
(0.1%) |
-- |
|
Q4 2019 |
+1.6% |
+0.2% |
|
Q1 2020 |
(2.9%) |
(1.3%) |
|
Q2 2020 |
(5.0%) |
(7.4%) |
|
Q3 2020 |
+1.4% |
(4.8%) |
|
Q4 2020 |
+2.2% |
(4.0%) |
|
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 |
+2.7% |
+10.0% |
|
Q2 2022 |
+1.1% |
+11.2% |
|
Q3 2022 |
+1.2% |
+8.7% |
|
Q4 2022 |
+1.3% |
+5.5% |
*Updated data
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