Saudi Arabia posts GDP growth of 3.9% in Q1 2023

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s real gross domestic product (GDP) rose by 3.9% year-on-year (YoY) in the first quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.

 

Accordingly, the real GDP maintained its growth for the eighth quarter in straight.

 

The GDP growth was driven by non-oil and oil activities, which increased by 5.8% and 1.3% YoY, respectively. In addition, government activities grew by 4.9% YoY.

 

GASTAT started to publish flash estimates for the Kingdom's quarterly GDP as of the third quarter of 2020, to provide instant information about the Saudi economy to decision markers.

 

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

(1.5%)

(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%

Q1 2023

(1.3%)

+3.9%
*Updated data
 
 

The following table shows Saudi Arabia's GDP at constant prices in Q1 2023:

 

GDP growth rates in Q1 2023

Sector

Quarterly with seasonal amendments

Annually

Oil activities

(4.8%)

+1.3%

Non-oil activities

+1.5%

+5.8%

Government activities

+1.1%

+4.9%

GDP

(1.3%)

+3.9%
 

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