Saudi GDP grows 3.8% in Q1 2023

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s real gross domestic product (GDP) rose 3.8% year-on-year (YoY) in the first quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.

Source: Argaam Tools

The real seasonally-adjusted GDP declined 1.4% quarter-on-quarter (QoQ) in the three-month period.

Non-oil activities increased 5.4% YoY and 1.1% QoQ, while government activities rose 4.9% YoY. Oil activities, on the other hand, grew 1.4% YoY, but declined 4.7% QoQ.

The GDP at constant prices reached SAR 753.2 billion in Q1 2023, compared to SAR 725.74 billion a year earlier.

Source: Argaam Tools

The following table shows Saudi Arabia's GDP by regulatory sector at constant prices during Q1 2023:

GDP By Regulatory Sectors at Constant Prices in Q1 2023 (SAR bln)
Sector	Q1 2022	Q1 2023	Change
Oil activities	277.06	280.92	1.4%
Non-oil activities	324.05	341.55	5.4%
Government activities	101.43	106.38	4.9%
Total VAT	702.55	728.85	3.7%
Net tax on products	23.19	24.34	5.0%
GDP	725.74	753.19	3.8%

In May 2023, GASTAT published flash estimates for the Kingdom's GDP at constant prices, which reflected 3.9% growth compared to the same period a year before.

The table below indicates Saudi GDP growth since 2018:

GDP, Real GDP Growth Rates with Seasonal Adjustment*
Period	On QoQ basis with seasonal adjustment	On YoY basis
Q1 2018	+0.7%	+1.6%
Q2 2018	+0.5%	+.0%
Q3 2018	+1.7%	+2.7%
Q4 2018	+1.2%	+4.7%
Q1 2019	(1.4%)	+1.8%
Q2 2019	--	+1.3%
Q3 2019	(0.1%)	--
Q4 2019	+1.6%	+0.2%
Q1 2020	(2.9%)	(1.3%)
Q2 2020	(5.0%)	(7.4%)
Q3 2020	+1.4%	(4.8 %)
Q4 2020	+2.2%	(4.0%)
Q1 2021	(1.5%)	(2.4%)
Q2 2021	+1.8%	+3.1%
Q3 2021	+4.3%	+6.7%
Q4 2021	+2.4%	+8.3%
Q1 2022	+2.7%	+10.0%
Q2 2022	+1.1%	+11.2%
Q3 2022	+1.2%	+8.7%
Q4 2022	+1.3%	+5.5%
Q1 2023	(1.4%)	+3.8%

Details and historical data for Macro Economy

Economic Reports

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Most Read

Market Indices

Popular Links

Quick Links

About Us

Join Us

Follow Us