Saudi GDP falls by 4.5% in Q3 2023

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s real gross domestic product (GDP) dropped by 4.5% year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.   

 

The authority attributed this decline to a 17.3% retreat in oil activities, despite a rise in non-oil and government activities by 3.6% and 1.9%, respectively. 

 

GASTAT started to publish flash estimates for the Kingdom's quarterly GDP as of Q3 2020, to provide instant information about the Saudi economy to decision markers.

 

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

+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

(1.4 %)

(2.1%)

Q2 2021

+1.9%

+3.5%

Q3 2021

+4.3%

+7.2%

Q4 2021

+2.4%

+8.7%

Q1 2022

+2.6%

+10.1%

Q2 2022

+1.1%

+11.2%

Q3 2022

+1.2%

+8.6%

Q4 2022

+1.2%

+5.3%

Q1 2023

(1.3%)

+3.8%

Q2 2023

(0.4%)

+1.2%

Q3 2023

(3.9%)

(4.5%)

 *Updated data.

 

The following table shows Saudi Arabia's GDP by regulatory sector:

 

GDP Growth Rates during Q3 2023

Sector

QoQ with seasonal adjustment

YoY

Oil activities

(8.4%)

(17.3%)

Non-oil activities

0.1%

3.6%

Government activities

(5.3%)

1.9%

GDP

(3.9%)

(4.5%)
 

Details and historical data for Macro Economy

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