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Saudi Arabia’s gross domestic product (GDP) grew by 6.8% year-on-year (YoY) by the end of Q3 2021, data issued by the General Authority for Statistics (GASTAT) showed.
It attributed the growth to the increase in oil activities by 9.0%, as global demand for crude oil rose and the Kingdom resumed increasing its production in 2021.
In addition, Saudi Arabia logged a growth of 6.2% in non-oil activities and 2.7% in government activities.
The seasonally adjusted real GDP advanced by 5.8% quarter-on-quarter (QoQ) in Q3 2021.
As of Q3 2020, GASTAT began publishing flash quarterly GDP estimates to provide timely information on the Saudi economy to decision makers and users.
|
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 |
+5.8% |
+6.8% |
* Updated data.
|
GDP Growth rate in Q3 2021 |
|||
|
Sector |
Q2 2021 |
Q3 2021 |
|
|
Oil Sector |
+12.9% |
+9.0% |
|
|
Non-Oil Sector |
+1.6% |
+6.2% |
|
|
Government Services |
|
+1.4% |
+2.7% |
|
GDP |
|
+5.8% |
+6.8% |
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