GASTAT implements comprehensive update of Saudi Arabia's GDP

Logo of General Authority for Statistics (GASTAT)

The General Authority for Statistics (GASTAT) announced the implementation of a comprehensive update of Saudi Arabia's GDP, in line with the Kingdom's efforts to enhance economic transparency.

The move will also improve the quality and reliability of statistical data, and measure the national economic indicators identified by the Kingdom, contributing to the achievement of development goals and in line with the best international standards.

The results of the update showed a 14.1% increase in GDP estimates for 2023, or SAR 566 billion, compared to previously published estimates for the same year. This brings the total GDP after the update to SAR 4.5 trillion.

The results of the comprehensive update also revealed a higher relative contribution of the non-oil economy, reaching 53.2%, up 5.7% over previous results, thanks to the increase in the volume of economic activities of small and medium-sized enterprises compared to previous estimates.

Moreover, the update also revealed an increase in the volume of a number of economic activities, with construction activities rising by 61%, wholesale and retail trade, restaurants, and hotels by 29.8%, and transportation, storage, and communications activities by 25.6%, along with an increase in the volume of several other economic activities.