The Saudi Arabian economy shrank by 3.9 percent year-on-year in the fourth quarter of 2020, slightly more than initial estimates of 3.8 percent drop, and after a 4.6 percent contraction in the previous quarter. It was the sixth straight quarter of contraction in the economy but the smallest decline in 3 quarters due to an easing of lockdown measures. The oil sector contracted 8.5 percent, due to a plunge in international oil prices, amid demand concerns due to the coronavirus pandemic. The biggest decreases were seen in crude petroleum and natural gas (-9.6 percent).Meanwhile, the non-oil sector shrank by 0.8 percent, with transport, storage and communication recording the biggest fall (-5.8 percent), followed by wholesale & retail trade, restaurants & hotels (-1.2 percent). On a seasonally adjusted quarterly basis, the GDP grew 2.5 percent, lower than a preliminary estimate of a 2.8 percent growth, and after an upwardly revised 2.0 percent expansion in the third quarter. source: Central Department Of Statistics & Information

GDP Annual Growth Rate in Saudi Arabia averaged 3.40 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 April of 2021.

GDP Annual Growth Rate in Saudi Arabia is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Saudi Arabia to stand at 2.50 in 12 months time. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 2.50 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
-3.90 -4.60 24.20 -20.70 1969 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-09-30 06:00 AM YoY Q2 -7% -1% -10%
2020-11-10 06:30 AM YoY Q3 -4.2% -7% -5.0%
2021-02-10 06:40 AM YoY Q4 -3.8% -4.6% -1.5%
2021-03-16 06:30 AM YoY Final Q4 -3.9% -4.6%
2021-06-14 06:30 AM YoY Q1 -3.9% 1.1%
2021-09-13 06:30 AM YoY Q2
2021-12-14 06:30 AM YoY Q3


News Stream
Saudi GDP Shrinks Slightly More than Initially Thought
The Saudi Arabian economy shrank by 3.9 percent year-on-year in the fourth quarter of 2020, slightly more than initial estimates of 3.8 percent drop, and after a 4.6 percent contraction in the previous quarter. It was the sixth straight quarter of contraction in the economy but the smallest decline in 3 quarters due to an easing of lockdown measures. The oil sector contracted 8.5 percent, due to a plunge in international oil prices, amid demand concerns due to the coronavirus pandemic. The biggest decreases were seen in crude petroleum and natural gas (-9.6 percent).Meanwhile, the non-oil sector shrank by 0.8 percent, with transport, storage and communication recording the biggest fall (-5.8 percent), followed by wholesale & retail trade, restaurants & hotels (-1.2 percent). On a seasonally adjusted quarterly basis, the GDP grew 2.5 percent, lower than a preliminary estimate of a 2.8 percent growth, and after an upwardly revised 2.0 percent expansion in the third quarter.
2021-03-16
Saudi Arabia Economy Shrinks For 6th Quarter
The Saudi Arabian economy shrank by 3.8 percent year-on-year in the fourth quarter of 2020, after a 4.6 percent contraction in the previous quarter. It was the sixth consecutive contraction but the smallest in 3 quarters due to an easing of lockdown measures, a preliminary estimate showed. On a seasonally adjusted quarterly basis, the GDP grew 2.8 percent, after a 1.8 percent expansion in the third quarter. Considering 2020 full year, the economy shrank by 4.1 percent, reversing from a 0.3 percent growth in 2019 hit by the COVID-19 pandemic, lower crude prices and output cuts.
2021-02-10
Saudi Arabia GDP Contracts For 5th Quarter
The Saudi Arabian economy shrank 4.2 percent year-on-year in the third quarter of 2020, compared to a 7 percent contraction in the previous quarter as an easing of lockdown measures was not enough to boost consumption weakened by a sizable rise in VAT. In July, the government decided to raise the VAT tax rate to 15 percent from 5 percent. On a seasonally adjusted quarterly basis, the GDP grew 1.2 percent, rebounding from a 4.9 percent contraction in the second quarter. The preliminary estimates did not have a breakdown on how the oil and non-oil sectors performed The authority said the estimates came out at the end of the reference quarter when the information was still partial and subject to a high degree of approximation.
2020-11-10
Saudi Economy Sinks 7% in Q2
The Saudi Arabian economy shrank 7 percent year-on-year in the second quarter of 2020, the biggest contraction since 1985, due to the coronavirus crisis. The non-oil sector sank 8.2 percent and a the oil sector plunged 5.3 percent. The biggest decreases were seen in wholesale and retail trade (-18.3 percent); transport, storage and communication (-16.3 percent); and petroleum refining (-10.4 percent). The second quarter marks the 4th consecutive quarterly decline in GDP, with the coronavirus pandemic hurting an economy already battling with falling oil prices and fuel demand while a big increase in VAT in July to 15 percent from 5 percent aiming to increase non-oil revenues is hurting domestic demand
2020-09-30

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).