Saudi Arabia's GDP falls 0.4% in Q2 2024

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Saudi Arabia's real GDP declined by 0.4% year-on-year (YoY) in Q2 2024, according to preliminary estimates by the General Authority for Statistics (GASTAT).

 

The authority attributed the GDP decline to an 8.5% decrease in oil-related activities despite a 4.4% increase in non-oil activities and a 3.6% rise in government sector activities on a yearly basis.

 

Since Q3 2020, GASTAT has been publishing rapid estimates of quarterly GDP to provide decision-makers and users with timely information on the Saudi economy.

 

The authority defines “the quarterly rapid estimates of GDP” as a quarterly national accounting assessment process conducted within a short period after the end of the quarter while the period’s data 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

1.8%

+2.4%

Q2 2018

+0.1%

+2.9%

Q3 2018

+1.0%

+3.1%

Q4 2018

+1.0%

+4.3%

Q1 2019

(0.8%)

+1.3%

Q2 2019

+0.7%

+1.6%

Q3 2019

(0.3%)

(0.9%)

Q4 2019

+1.0%

+0.6%

Q1 2020

(2.7%)

(0.8%)

Q2 2020

(4.0%)

(7.1%)

Q3 2020

+2.0%

(3.8%)

Q4 2020

+1.5%

(2.7%)

Q1 2021

+0.4%

+0.5%

Q2 2021

+1.6%

+5.1%

Q3 2021

+3.1%

+6.3%

Q4 2021

+2.0 %

+8.4%

Q1 2022

+2.2%

+7.5%

Q2 2022

+1.2%

+9.1%

Q3 2022

+1.2%

+8.0%

Q4 2022

+1.5%

+5.6%

Q1 2023

(1.5%)

+3.2%

Q2 2023

--

+1.7%

Q3 2023

(2.3%)

(3.2%)

Q4 2023

(0.6%)

(4.3%)

Q1 2024

+1.4%

(1.7%)

Q2 2024

+1.4%

(0.4%)
*Updated data.

 

 

The following table shows Saudi Arabia's GDP during Q2 2024:

 

GDP Growth Rates during Q2 2024

Sector

QoQ with seasonal adjustment

YoY

Oil activities

+1.3%

(8.5%)

Non-oil activities

+1.4%

+4.4%

Government activities

+3.2%

+3.6%

GDP

+1.4%

(0.4%)

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