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Saudi Arabia’s real gross domestic product (GDP) expanded by 1.2% year-on-year (YoY) in the second quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.
The real seasonally-adjusted GDP eased 0.2% quarter-on-quarter (QoQ) in the three-month period.
Non-oil activities increased by 6.1% YoY and 1.6% QoQ, with government activities rising 2.3% YoY. Oil activities, on the other hand, decreased by 4.3% YoY and 1.5% QoQ.
The Kingdom’s GDP at constant prices reached SAR 724.83 billion in the second quarter of 2023, compared to SAR 716.08 billion a year earlier.
The following table shows Saudi Arabia's GDP by regulatory sector at constant prices in Q2 2023:
|
GDP By Regulatory Sectors at Constant Prices in Q2 2023 (SAR bln) |
|||
|
Sector |
Q2 2022 |
Q2 2023 |
Change |
|
Oil activities |
289.48 |
276.93 |
(4.3%) |
|
Non-oil activities |
315.54 |
334.65 |
+6.1% |
|
Government activities |
87.90 |
89.93 |
+ 2.3 % |
|
Total VAT |
692.92 |
701.50 |
+ 1.2 % |
|
Net tax on products |
23.15 |
23.34 |
+ 0.8 % |
|
GDP |
716.08 |
724.83 |
+ 1.2 % |
Last July, GASTAT published flash estimates for the Kingdom's GDP at constant prices, which showed 1.1% growth in Q2 2023, compared to Q2 2022.
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 |
+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% |
|
Q2 2023 |
(0.2%) |
+1.2% |
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