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Saudi Arabia's real GDP declined by 0.4% year-on-year (YoY) in Q2 2024, according to preliminary estimates by the General Authority for Statistics (GASTAT).
The authority attributed the GDP decline to an 8.5% decrease in oil-related activities despite a 4.4% increase in non-oil activities and a 3.6% rise in government sector activities on a yearly basis.
Since Q3 2020, GASTAT has been publishing rapid estimates of quarterly GDP to provide decision-makers and users with timely information on the Saudi economy.
The authority defines “the quarterly rapid estimates of GDP” as a quarterly national accounting assessment process conducted within a short period after the end of the quarter while the period’s data is still incomplete.
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 |
1.8% |
+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% |
+0.6% |
|
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% |
(0.4%) |
The following table shows Saudi Arabia's GDP during Q2 2024:
|
GDP Growth Rates during Q2 2024 |
||
|
Sector |
QoQ with seasonal adjustment |
YoY |
|
Oil activities |
+1.3% |
(8.5%) |
|
Non-oil activities |
+1.4% |
+4.4% |
|
Government activities |
+3.2% |
+3.6% |
|
GDP |
+1.4% |
(0.4%) |
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