The Saudi Arabian economy advanced by 9.9% yoy in Q1 of 2022, compared with the flash figure of a 9.6% expansion and after a final 6.7% growth in Q4. It was the fourth straight quarter of GDP increase and the strongest growth since the third quarter 2011, mainly driven by a 20.3% growth in oil activities, which was a result of rising world demand for crude oil and the increase of Saudi production. At the same time, non-oil activities expanded by 3.7%, with wholesale & retail trade, restaurants & hotels (6.3%) recording the biggest increase, followed by transport, storage and communication (5.9%), and finance, insurance and business services (4.2%). Meanwhile, the government activities sector recorded a positive growth rate of 2.4%. On a seasonally adjusted quarterly basis, the GDP expanded 2.6%, accelerating from a 1.6% gain in Q4. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.55 percent from 1969 until 2022, 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 June of 2022.
GDP Annual Growth Rate in Saudi Arabia is expected to be 6.20 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 3.00 percent in 2023, according to our econometric models.