The Saudi Arabian economy grew by 1.8% yoy in Q2 of 2021, more than initial estimates of a 1.5% gain, and after a 3% expansion in Q1. It was the first economic expansion since the second quarter of 2019, boosted by an 8.4% growth in non-oil activities, with community, social & personal services (17.1%) recording the biggest increase, followed by wholesale & retail trade, restaurants & hotels (16.9%). Meanwhile, the private sector recorded a positive growth rate of 11.1%, and the government sector by 2.3%. Meantime, the oil sector contracted by 6.9%, following an 11.7% slump in the previous period, due to ongoing crude oil production cuts agreed by OPEC+ since May 2020. The biggest decreases were seen in crude petroleum and natural gas (-8.4%).On a seasonally adjusted quarterly basis, the GDP advanced 0.6%, lower than a preliminary estimate of an 1.1% growth, and after a 0.5% contraction in Q1. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.39 percent from 1969 until 2021, reaching an all time high of 24.20 percent in the fourth quarter of 1973 and a record low of -20.70 percent in the fourth quarter of 1982. This page provides the latest reported value for - Saudi Arabia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Saudi Arabia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.
GDP Annual Growth Rate in Saudi Arabia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 4.00 percent in 2022 and 3.00 percent in 2023, according to our econometric models.