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Saudi Arabia’s real gross domestic product (GDP) dropped by 4.5% year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.
The authority attributed this decline to a 17.3% retreat in oil activities, despite a rise in non-oil and government activities by 3.6% and 1.9%, respectively.
GASTAT started to publish flash estimates for the Kingdom's quarterly GDP as of Q3 2020, to provide instant information about the Saudi economy to decision markers.
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 |
+1.4% |
+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 |
(1.4 %) |
(2.1%) |
|
Q2 2021 |
+1.9% |
+3.5% |
|
Q3 2021 |
+4.3% |
+7.2% |
|
Q4 2021 |
+2.4% |
+8.7% |
|
Q1 2022 |
+2.6% |
+10.1% |
|
Q2 2022 |
+1.1% |
+11.2% |
|
Q3 2022 |
+1.2% |
+8.6% |
|
Q4 2022 |
+1.2% |
+5.3% |
|
Q1 2023 |
(1.3%) |
+3.8% |
|
Q2 2023 |
(0.4%) |
+1.2% |
|
Q3 2023 |
(3.9%) |
(4.5%) |
*Updated data.
The following table shows Saudi Arabia's GDP by regulatory sector:
|
GDP Growth Rates during Q3 2023 |
||
|
Sector |
QoQ with seasonal adjustment |
YoY |
|
Oil activities |
(8.4%) |
(17.3%) |
|
Non-oil activities |
0.1% |
3.6% |
|
Government activities |
(5.3%) |
1.9% |
|
GDP |
(3.9%) |
(4.5%) |
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