Saudi Arabia’s gross domestic product (GDP) shrank by a marginal 0.74 percent year-on-year (YoY) to SAR 2.6 trillion in 2017, according to Saudi General Authority for Statistics.
The Kingdom’s Ministry of Economy and Planning expects GDP to rise 2.7 percent in 2018, on higher non-oil sector growth and a budget focused on investment spending.
The non-oil sector’s contribution to GDP rose 1 percent YoY to SAR 1.4 trillion in 2017.
Meanwhile, the oil sector’s contribution to GDP dropped by nearly 3 percent YoY to SAR 1.1 trillion in 2017. The sector accounted for 43 percent of the Kingdom’s total GDP in 2017, down from 44 percent a year earlier.
|
GDP Per Sector for 2017 |
||||
|
Sector |
2017 (SAR bln) |
Change % |
Percentage in 2017 |
|
|
Oil sector |
1104.52 |
(2.97%) |
43.00% |
|
|
Non-oil sector |
Private sector |
1007.29 |
0.71%+ |
39.21% |
|
Public sector |
435.78 |
1.72%+ |
16.96% |
|
|
Total |
1443.07 |
1.01%+ |
56.18% |
|
|
Oil and Non-oil |
2547.60 |
(0.75%) |
99.18% |
|
|
Import Duties |
21.13 |
% 1.44+ |
0.82% |
|
|
GDP |
2568.73 |
(0.74%) |
100.00% |
|
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