Saudi GDP down 4.4% in Q3 2023

Riyadh city

Saudi Arabia’s real gross domestic product (GDP) fell by 4.4% year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.

 

The real seasonally adjusted GDP eased 3.2% quarter-on-quarter (QoQ) in the three-month period.

 

Non-oil activities increased by 3.5% YoY and 0.4% QoQ, while government activities rose by 1.9% YoY but declined by 3.8% QoQ.

 

Oil activities dropped in the three-month period by 17% YoY and 8.5% QoQ.

 

The Kingdom’s GDP at constant prices reached SAR 719.09 billion in Q3 2023, compared to SAR 752.45 billion in Q3 2022.

 

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 Q3 2023 (SAR bln) 

Sector

Q3 2022

Q3 2023

Change

Oil activities

307.24

255.01

(17.0%)

Non-oil activities

334.18

345.89

+3.5%

Government activities

90.72

92.45

+ 1.9%

Total VAT

732.15

693.34

(5.3%)

Net tax on products

20.31

25.75

+ 26.8%

GDP

752.45

719.09

(4.4%)
 

Last October, GASTAT published flash estimates for the Kingdom's GDP at constant prices, which showed a 4.5% drop in Q3 2023 compared to Q3 2022.

 

The table below shows 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%

+2.0%

Q3 2018

+1.7%

+2.7%

Q4 2018

+1.2%

+4.7%

Q1 2019

(1.4%)

+1.9%

Q2 2019

--

+1.3%

Q3 2019

(0.1%)

--

Q4 2019

+1.6%

+0.2%

Q1 2020

(3.0%)

(1.4%)

Q2 2020

(4.9%)

(7.4%)

Q3 2020

+1.5%

(4.8%)

Q4 2020

+2.4%

(3.9%)

Q1 2021

(1.2%)

(2.1%)

Q2 2021

+2.0%

+3.5%

Q3 2021

+4.4%

+7.2%

Q4 2021

+2.4%

+8.7%

Q1 2022

+2.5%

+10.1%

Q2 2022

+1.2%

+11.2%

Q3 2022

+1.2%

+8.6%

Q4 2022

+1.2%

+5.3%

Q1 2023

(1.1%)

+3.8%

Q2 2023

(0.5%)

+1.2%

Q3 2023

(3.2%)

(4.4%)

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