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Saudi Arabia’s real gross domestic product (GDP) declined by 0.9% year-on-year (YoY) in 2023, data issued by the General Authority for Statistics (GASTAT) showed.
Oil activities decreased by 9.2% YoY, while non-oil activities grew by 4.6% YoY. Government activities also rose by 2.1% YoY.
The fourth-quarter GDP decreased by 3.7% on an annual basis as oil activities plunged 16.4%. Non-oil and government activities saw growth of 4.3% and 3.1% YoY, respectively.
GASTAT started to release flash estimates for GDP on a quarterly basis starting from the third quarter of 2020 to provide real-time information about the Saudi economy.
The authority defines flash estimates of the quarterly GDP as an estimation of the quarterly GDP during a short period after the end of the reference quarter when the data related to the quarter is still incomplete.
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 |
+ 2.5% |
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%) |
|
Q4 2023 |
+0.4% |
(3.7%) |
The table below indicates Saudi GDP growth in Q4 2023:
|
GDP Growth in Q4 2023 |
||
|
Activity |
QoQ with seasonal adjustment |
YoY |
|
Oil Activities |
(2.7%) |
(16.4%) |
|
Non-Oil Activities |
+2.6% |
+4.3% |
|
Government Activities |
1.1+% |
+3.1% |
|
GDP |
0.4+ % |
(3.7%) |
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