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Saudi Arabia’s real GDP increased by 2.8% in the third quarter of 2024 compared to the same period in 2023, according to the General Authority for Statistics (GASTAT).
Oil activities slightly rose by 0.05% year-on-year (YoY), while non-oil activities improved by 4% YoY. Additionally, government activities grew by 3.1% YoY.
|
GDP by Regulatory Sectors (Chain-Linking Methodology) (SAR bln) |
||||
|
Sector |
|
Q3 2023 |
Q3 2024 |
Change (%) |
|
Oil Sector |
|
250.35 |
250.65 |
+0.1% |
|
Non-Oil Sector |
Government Sector |
165.39 |
170.82 |
+3.3% |
|
Private Sector |
406.42 |
423.93 |
+4.3% |
|
|
Total |
572.21 |
595.38 |
+4.0% |
|
|
Gross Value Added |
816.48 |
839.26 |
+2.8% |
|
|
Net Taxes on Products |
27.14 |
27.86 |
+2.6% |
|
|
GDP |
843.68 |
867.10 |
+2.8% |
|
*The chain-linking methodology is a non-additive model, meaning that the subcomponents do not necessarily sum up to the total.
The oil sector at current prices declined by 10.1% YoY, while the non-oil sector grew by 7.1% YoY. The government sector also rose by 6.1% YoY.
The table below shows the GDP by regulatory sectors at current prices:
|
GDP by Regulatory Sectors (SAR bln) |
||||
|
Sector |
Q3 2023 |
Q3 2024 |
Change (%) |
|
|
Oil Sector |
321.90 |
289.53 |
(10.1%) |
|
|
Non-Oil Sector |
Government Sector |
179.60 |
190.53 |
+6.1% |
|
Private Sector |
436.99 |
469.97 |
+7.5% |
|
|
Total |
616.59 |
660.50 |
+7.1% |
|
|
Gross Value Added |
938.49 |
950.03 |
+1.2% |
|
|
Net Taxes on Products |
58.34 |
57.08 |
(2.2%) |
|
|
GDP |
996.83 |
1,007.11 |
+1.0% |
|
The table below indicates Saudi GDP growth since 2018:
|
GDP Growth (Chain-Linking Methodology) |
||
|
Period |
QoQ with Seasonal Adjustments |
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% |
+2.6% |
|
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% |
(0.3%) |
|
Q3 2024 |
+0.9% |
+2.8% |
*Data updated in line with GASTAT reports
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