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 September 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.

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Saudi Arabia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.80 -3.00 24.20 -20.70 1969 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2021-05-10 06:30 AM YoY Prel Q1 -3.3% -3.9% 1.1%
2021-06-14 06:00 AM YoY Final Q1 -3% -3.9% -3.3%
2021-08-09 06:00 AM YoY Prel Q2 1.5% -3.0%
2021-09-13 06:10 AM YoY Q2 1.8% -3.0% 1.5%
2021-12-14 06:30 AM YoY Prel Q3 1.8%


News Stream
Saudi Q2 GDP Annual Growth Revised Higher
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.
2021-09-13
Saudi Arabia Economy Posts 1st Expansion since 2019
The Saudi Arabian economy advanced by 1.5% year-on-year in the second quarter of 2021, following a 3 percent contraction in the previous period, preliminary estimates showed. It is the first economic expansion since the second quarter of 2019, boosted by a 10.1% growth in non-oil activities and a 0.7% increase in government activities. Meanwhile, the oil sector declined by 7%, following an 11.7% slump in the previous period, due to ongoing crude oil production cuts agreed by OPEC+ since May 2020. On a seasonally adjusted quarterly basis, the economy advanced 1.1%.
2021-08-09
Saudi Arabia GDP Shrinks Slightly Less than Anticipated
The Saudi Arabian economy shrank 3 percent year-on-year in the first quarter of 2021, slightly less than preliminary estimates of a 3.3 percent drop, but still marking the 7th consecutive quarter of contraction. The oil sector contracted by 11.7 percent, the most in at least a decade, due to ongoing crude oil production cuts agreed by OPEC+ since May 2020. Crude petroleum & natural gas fell 14.1 percent. In contrast, the non-oil sector grew 2.9 percent, the first increase in a year, as the economy tries to recover from the pandemic and mainly due to petroleum refining activities (21.2 percent) and manufacturing excluding petroleum refining activities (8.9 percent). Compared with the previous period, the GDP went down 0.5 percent, following 2 consecutive quarters of growth.
2021-06-14
Saudi Arabia GDP Continues to Contract in Q1
The economy of Saudi Arabia shrank 3.3 percent year-on-year in the first quarter of 2021, marking the 7th consecutive quarter of contraction, preliminary estimates showed. The oil sector declined 12 percent, the most in at least a decade, due to ongoing crude oil production cuts agreed by OPEC+ since May 2020. In contrast, the non-oil sector expanded 3.3 percent, the first increase in a year, as the economy tries to recover from the pandemic. Government services also rebounded (0.3 percent). On a quarter-on-quarter basis, the economy contracted 0.1 percent. The IMF expects the GDP to grow 2.1 percent this year after shrinking 4.1 percent in 2020.
2021-05-10

Saudi Arabia GDP Annual Growth Rate
Saudi Arabia is the world´s biggest producer of oil and oil extraction accounts for 46 percent of GDP. The services sector represents 36 percent of the wealth including government services (13 percent), wholesale and retail trade and restaurants and hotels (8 percent) and financing, insurance and real estate (7.9 percent). Other sectors are: manufacturing (10 percent), construction and electricity, gas and water distribution (6 percent) and agriculture, forestry and fishing (2 percent).