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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.
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.
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% |
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