Saudi Arabia’s gross domestic product advanced by 5.5% year-on-year in Q4 of 2022, compared with a 5.4% growth in the preliminary reading and after an 8.7% gain in Q3. This was the seventh straight period of yearly expansion but the softest pace since Q2 of 2021 due to a notable slowdown in oil activities (6.1% vs 14.2% in Q3). Meanwhile, non-oil activities grew by 6.1%, the same pace as in Q3, boosted primarily by a rise in the output of transport, storage & communication (13.1% vs 9.0% in Q3); community, social & personal services (10.5% vs 7.6%); agriculture, forestry & fishing (6.2% vs 3.1%); and wholesale & retail trade, restaurants & hotels (4.8% vs 4.4%). Government activities went up by 2.9%, compared with a 2.5% gain previously. On quarterly seasonally adjusted data, the Saudi GDP expanded by 1.3%, after 1.2% in Q3. For the 2022 full year, the economy surged 8.7%, accelerating sharply from a 3.9% rise in 2021. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.74 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 March of 2023.
GDP Annual Growth Rate in Saudi Arabia is expected to be 3.70 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 2024, according to our econometric models.