Saudi GDP declines by 0.3% in Q2 2024

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Saudi Arabia’s real GDP declined by 0.3% in the second quarter of 2024 compared to the same period in 2023, according to the General Authority for Statistics (GASTAT). 

 

Oil activities fell by 8.8% year-on-year (YoY), while non-oil activities increased by 4.9% YoY. Additionally, government activities grew by 3.8% YoY.  

 

The authority also noted that it adopted a chain-linking method for national accounts for calculating real GDP, replacing the previous fixed-base year method. This new approach was used for the Q4 2023 and 2023 annual reports.

 

The chain-linking method is a dynamic approach for measuring economic growth rates, specifically for estimating real growth rates in national accounts.

 

It uses weights and prices from the previous year for the year of measurement, enabling assessments over consecutive periods and providing a more accurate reflection of current economic conditions.

 

GDP by Regulatory Sectors (Chain-Linking Methodology) (SAR bln)

Sector

 

Q2 2023

Q2 2024

Change (%)

Oil Sector

 

271.57

247.66

(8.8%)

Non-Oil Sector

Government Sector

159.65

165.71

+3.8%

 

Private Sector

395.75

415.33

+4.9%

Total

555.83

581.71

+4.7%

Gross Value Added

827.44

822.72

(0.6%)

Net Taxes on Products

24.56

25.95

+5.6%

GDP

850.37

847.77

(0.3%)

*The chain-linking methodology is a non-additive model, meaning that the subcomponents do not necessarily sum up to the total.

 

In Q2 2024, the GDP at current prices increased by 4.5% to more than SAR 1 billion compared to the same period in 2023.

 

The oil sector at current prices declined by 2.1% YoY, while the non-oil sector grew by 7.7% YoY. The government sector also rose by 5.9% YoY.

 

The table below shows the GDP by regulatory sectors at current prices:

 

GDP by Regulatory Sectors (SAR bln)

Sector

 

Q2 2023

Q2 2024

Change (%)

Oil Sector

  

308.74

302.39

(2.1%)

Non-Oil Sector

Government Sector

179.31

189.84

+5.9%

 

Private Sector

435.66

472.32

+8.4%

Total

614.97

662.16

+7.7%

Gross Value Added

 

964.54

+4.4%

Net Taxes on Products

 

58.08

+6.0%

GDP

 

1,022.62

+4.5%
 
          

The table below indicates Saudi GDP growth since 2018:

 

GDP Growth (Chain-Linking Methodology)

 

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 %

+2.6%

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 %

(0.3%)

*Data updated in line with GASTAT reports 

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