Saudi GDP rises 1.2% in Q2 2023

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s real gross domestic product (GDP) expanded by 1.2% year-on-year (YoY) in the second quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.  

 

The real seasonally-adjusted GDP eased 0.2% quarter-on-quarter (QoQ) in the three-month period. 

 

Non-oil activities increased by 6.1% YoY and 1.6% QoQ, with government activities rising 2.3% YoY. Oil activities, on the other hand, decreased by 4.3% YoY and 1.5% QoQ.   

 

The Kingdom’s GDP at constant prices reached SAR 724.83 billion in the second quarter of 2023, compared to SAR 716.08 billion a year earlier.

 

The following table shows Saudi Arabia's GDP by regulatory sector at constant prices in Q2 2023:

 

GDP By Regulatory Sectors at Constant Prices in Q2 2023 (SAR bln) 

Sector

Q2 2022

Q2 2023

Change

Oil activities

289.48

276.93

(4.3%)

Non-oil activities

315.54

334.65

+6.1%

Government activities

87.90

89.93

+ 2.3 %

Total VAT

692.92

701.50

+ 1.2 %

Net tax on products

23.15

23.34

+ 0.8 %

GDP

716.08

724.83

+ 1.2 %
 

Last July, GASTAT published flash estimates for the Kingdom's GDP at constant prices, which showed 1.1% growth in Q2 2023, compared to Q2 2022.

 

The table below indicates Saudi GDP growth since 2018:

 

GDP, Real GDP Growth Rates with Seasonal Adjustment*

Period

QoQ with seasonal adjustment

YoY

Q1 2018

+0.7%

+1.6%

Q2 2018

+0.5%

+.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%

Q1 2023

(1.4%)

+3.8%

Q2 2023

(0.2%)

+1.2%

 

Details and historical data for Macro Economy

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