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.

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Saudi Arabia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-07 06:00 AM YoY Final Q2 12.2% 9.9% 11.8%
2022-10-31 06:00 AM YoY Prel Q3 8.6% 12.2%
2022-12-08 06:00 AM YoY Final Q3 12.2% 8.6%


Related Last Previous Unit Reference
GDP Growth Rate 2.60 2.20 percent Sep 2022
GDP Annual Growth Rate 8.60 12.20 percent Sep 2022
GDP Constant Prices 683086.00 698001.00 SAR Million Jun 2022
Gross Fixed Capital Formation 247778.00 225392.00 SAR Million Jun 2022
GDP Growth Oil Sector 22.88 20.40 percent Jun 2022
GDP Growth Non Oil Sector 8.19 3.70 percent Jun 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
8.60 12.20 24.20 -20.70 1969 - 2022 percent Quarterly

News Stream
Saudi Arabia GDP Expands For 6th Quarter
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.
2022-10-31
Saudi Arabia Q2 GDP Growth Revised Higher
Saudi Arabia’s gross domestic product advanced 12.2 percent year-on-year in the second quarter of 2022, higher than the preliminary estimates of 11.8%, and accelerating from a 9.9 percent growth in the previous quarter. It was the strongest growth in the GDP since the third quarter 2011, led by a 22.9 percent surge in oil activity. Also, non-oil activities grew by 8.2 percent with wholesale & retail trade, restaurants & hotels (16.4%) recording the biggest increase, followed by manufacturing excluding petroleum refining (12.1%), construction (8.8%), and transport, storage and communication (7.8%). Meanwhile, government services activities rose by 2.4 percent. On a quarterly seasonally adjusted data, the Saudi GDP expanded by 2.2 percent, faster than a preliminary reading of a 1.8% gain.
2022-09-07
Saudi Q1 GDP Growth Revised Higher to 9.9%
The Saudi Arabian economy advanced by 9.9% yoy in Q1 of 2022, compared with the flash figure of a 9.6% expansion and after a final 6.7% growth in Q4. It was the fourth straight quarter of GDP increase and the strongest growth since the third quarter 2011, mainly driven by a 20.3% growth in oil activities, which was a result of rising world demand for crude oil and the increase of Saudi production. At the same time, non-oil activities expanded by 3.7%, with wholesale & retail trade, restaurants & hotels (6.3%) recording the biggest increase, followed by transport, storage and communication (5.9%), and finance, insurance and business services (4.2%). Meanwhile, the government activities sector recorded a positive growth rate of 2.4%. On a seasonally adjusted quarterly basis, the GDP expanded 2.6%, accelerating from a 1.6% gain in Q4.
2022-06-07