Saudi Arabia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

-3.7

Units In

-4.5

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
24.2 Dec 1973	-20.7 Dec 1982	3.54 %	1969-2023	Central Department Of Statistics & Information

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).

Latest Updates

Saudi Arabia’s GDP shrank by 4.3% year-on-year in the fourth quarter of 2023, compared to preliminary figures of a 3.7% drop, following a revised 3.2% contraction in the previous three-month period. It was the 2nd consecutive quarter of contraction, mainly due to declines in oil activities (-16.2% vs -16.1% in Q3). Meanwhile, the non-oil activities grew by (4.2% vs 3.2%), with the highest annual growth rates for financial, insurance & business services (10.6%), followed by wholesale & retail trade, restaurants & hotels (7.5%), social & personal services (6.6%), transport, storage & communication (6.4%), agriculture, forestry and fishing (5.6%), and construction (5.4%). Also, government activities expanded by 3.1% (vs 1.9% in Q3). On a seasonally adjusted quarterly basis, the GDP contracted by 0.6%, missing a flash reading of 0.4% growth after a 2.3% decline in the previous quarter. For the 2023 full year, the economy contracted by 0.8%, reversing sharply from a 7.5% expansion in 2022.