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Saudi Arabia’s gross domestic product (GDP) grew by 7% in Q3 2021 compared with a year earlier, the highest growth since 2012, data issued by the General Authority for Statistics (GASTAT) showed.
The GDP also rose by 5.7% compared with the second quarter of 2021.
The authority attributed the growth to the increase in oil activities by 9.3% YoY and 12.7% quarter-on-quarter (QoQ). In addition, non-oil activities grew by 6.3% YoY.
The government activities rose by 2.7% YoY and 1.1% QoQ.
The GDP at constant prices amounted to SAR 665.23 billion in Q3 2021, compared with SAR 621.95 billion a year earlier.
The following table illustrates the GDP by organizational sectors at fixed prices in Q3 2021:
|
GDP by Organizational Sectors at Fixed Prices (SAR bln) |
|||
|
Sector |
Q3 2020 |
Q3 2021 |
Variation |
|
Oil Activities |
246.06 |
268.97 |
%9.3+ |
|
Non-Oil Activities |
268.49 |
285.34 |
+6.3% |
|
Government Activities |
84.74 |
87.02 |
+2.7% |
|
Total of Government and Non-Oil Activities |
353.23 |
372.36 |
+5.4% |
|
GDP Excluding Net Tax on Products |
599.29 |
641.33 |
+7.0% |
|
Net Tax on Products |
22.66 |
23.90 |
+5.5% |
|
GDP |
621.95 |
665.23 |
+ 7.0% |
In August, GASTAT published flash GDP estimates at constant prices, which showed a 6.8% rise in Q3 2021 compared with a year earlier.
The following table shows Saud Arabia's GDP growth since 2018:
|
Real GDP and GDP Growth Rates, with Seasonal Adjustments* |
||
|
Period |
QoQ (With Seasonal Adjustments) |
YoY |
|
Q1 2018 |
+1.4% |
+1.4% |
|
Q2 |
+1.0% |
+1.6% |
|
Q3 |
+1.0% |
+2.4% |
|
Q4 |
+0.5% |
+4.3% |
|
Q1 2019 |
(0.9%) |
+1.7% |
|
Q2 |
+0.1% |
+0.5% |
|
Q3 |
(0.2%) |
(0.5%) |
|
Q4 |
+0.3% |
(0.3%) |
|
Q1 2020 |
(2.2%) |
(1.1%) |
|
Q2 |
(4.7%) |
(7.2%) |
|
Q3 |
+2.5% |
(4.5%) |
|
Q4 |
+0.3% |
(3.8%) |
|
Q1 2021 |
(1.0%) |
(2.6%) |
|
Q2 |
+1.1% |
+1.9% |
|
Q3 |
+5.7% |
+7.0% |
* Updated data.
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