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Saudi GDP grows 1.1% in Q2 2023
Saudi Arabia’s real gross domestic product (GDP) rose 1.1% year-on-year (YoY) in the second quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.
Accordingly, the real GDP maintained its growth for the ninth straight quarter.
The GDP growth was driven by non-oil and government activities, which increased by 5.5% and 2.7% YoY, respectively. However, oil activities declined by 4.2% YoY.
GASTAT started to publish flash estimates for the Kingdom's quarterly GDP as of the third quarter of 2020, to provide instant information about the Saudi economy to decision markers.
The following table shows Saudi Arabia's GDP performance since 2018:
Seasonally Adjusted GDP, Real GDP Growth Rates*
| ||
| Period | QoQ with seasonal adjustments
| 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 | (1.5%)
| (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 | (0.1%)
| +1.1%
|
Source : Argaam
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