Saudi Arabia’s gross domestic product advanced 11.8 percent year-on-year in the second quarter of 2022, accelerating from a 9.9 percent growth in the previous quarter, preliminary estimates showed. It was the strongest growth in the GDP since the third quarter 2011, led by a 23.1 percent surge in oil activity. Also, non-oil activities grew by 5.4 percent and government services activities rose by 2.2 percent. On a quarterly seasonally adjusted data, the Saudi GDP expanded by 1.8 percent due to the positive growth in oil (4.8 percent) and government services activities (0.2%), while non-oil activities declined by 0.4 percent. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.65 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 August of 2022.
GDP Annual Growth Rate in Saudi Arabia is expected to be 4.00 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.