Saudi Arabia posts GDP growth of 5.5% in Q4 2022, 8.7% in 2022

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

 

Details and historical data for Macro Economy

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