The economy of Saudi Arabia advanced by 8.6% from a year earlier in the third quarter of 2022, following a 12.2% rise in the previous period, which was the strongest since the third quarter of 2011, according to preliminary estimates. It was the sixth straight quarter of economic expansion, largely driven by a 14.5% increase in oil activities, amid higher oil prices. Meanwhile, non-oil activities expanded by a softer 5.6%. On a seasonally adjusted quarterly basis, the Saudi GDP grew by 2.6%, following a 2.2% rise in the second quarter. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.71 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 December of 2022.
GDP Annual Growth Rate in Saudi Arabia is expected to be 5.80 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.