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Saudi Arabia’s real gross domestic product (GDP) rose by 9.9% year-on-year (YoY) in Q1 2022, the highest since 2011, data issued by the General Authority for Statistics (GASTAT) showed.
Compared to Q4 2021, real GDP achieved growth of 2.6%.
According to GASTAT’s estimates, annual real GDP grew by 9.6% in Q1 2021.
GDP at constant prices reached SAR 698 billion in the first quarter of 2022, compared with SAR 634.9 billion a year before.
The economic growth was driven by a significant increase in oil activities by 20.3% YoY and 2.9% quarter-on-quarter (QoQ).
Non-oil activities grew by 3.7% YoY and 0.9% QoQ. Government activities rose by 2.4% YoY but fell by 0.9% QoQ.
|
GDP By Economic Activitiy at Constant Prices (SAR bln) |
|||
|
Sector |
Q1 2021 |
Q1 2022 |
Change |
|
Oil activities |
230.22 |
277.06 |
20.3% |
|
Non-oil activities |
284.73 |
295.32 |
3.7% |
|
Government activities |
99.34 |
101.77 |
2.4% |
|
GDP excluding net taxes on products |
614.29 |
674.15 |
9.7% |
|
Net taxes on products |
20.62 |
23.85 |
15.7% |
|
GDP |
634.91 |
698.00 |
9.9% |
The table below indicates Saudi GDP growth since 2018:
|
GDP, Real GDP Growth Rates With Seasonal Adjustment |
||
|
Period |
On a quarterly basis with seasonal adjustment |
On an annual basis |
|
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 |
(1.1%) |
(2.6%) |
|
Q2 2021 |
+0.2% |
+1.9% |
|
Q3 2021 |
+5.7% |
+7.0% |
|
Q4 2021 |
+1.6% |
+6.7% |
|
Q1 2022 |
2.6% |
+9.9% |
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