The Saudi Arabian economy shrank 4.2 percent year-on-year in the third quarter of 2020, compared to a 7 percent contraction in the previous quarter as an easing of lockdown measures was not enough to boost consumption weakened by a sizable rise in VAT. In July, the government decided to raise the VAT tax rate to 15 percent from 5 percent. On a seasonally adjusted quarterly basis, the GDP grew 1.2 percent, rebounding from a 4.9 percent contraction in the second quarter. The preliminary estimates did not have a breakdown on how the oil and non-oil sectors performed. The authority said the estimates came out at the end of the reference quarter when the information was still partial and subject to a high degree of approximation. source: Central Department Of Statistics & Information

GDP Annual Growth Rate in Saudi Arabia averaged 3.58 percent from 1969 until 2020, 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 November of 2020.

GDP Annual Growth Rate in Saudi Arabia is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Saudi Arabia to stand at 3.50 in 12 months time. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 2.50 percent in 2022, according to our econometric models.

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Saudi Arabia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.20 -7.00 24.20 -20.70 1969 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-03-30 07:00 AM Q4 -0.3% -0.5% -0.4%
2020-06-30 06:00 AM Q1 -1% -0.3% -0.3%
2020-09-30 06:00 AM Q2 -7% -1% -10%
2020-11-10 06:30 AM Q3 -4.2% -7% -5.0%
2021-03-30 07:00 AM Q4
2021-06-30 06:00 AM Q1
2021-09-30 06:00 AM Q2
2021-11-10 06:30 AM Q3


News Stream
Saudi Arabia GDP Contracts For 5th Quarter
The Saudi Arabian economy shrank 4.2 percent year-on-year in the third quarter of 2020, compared to a 7 percent contraction in the previous quarter as an easing of lockdown measures was not enough to boost consumption weakened by a sizable rise in VAT. In July, the government decided to raise the VAT tax rate to 15 percent from 5 percent. On a seasonally adjusted quarterly basis, the GDP grew 1.2 percent, rebounding from a 4.9 percent contraction in the second quarter. The preliminary estimates did not have a breakdown on how the oil and non-oil sectors performed The authority said the estimates came out at the end of the reference quarter when the information was still partial and subject to a high degree of approximation.
2020-11-10
Saudi Economy Sinks 7% in Q2
The Saudi Arabian economy shrank 7 percent year-on-year in the second quarter of 2020, the biggest contraction since 1985, due to the coronavirus crisis. The non-oil sector sank 8.2 percent and a the oil sector plunged 5.3 percent. The biggest decreases were seen in wholesale and retail trade (-18.3 percent); transport, storage and communication (-16.3 percent); and petroleum refining (-10.4 percent). The second quarter marks the 4th consecutive quarterly decline in GDP, with the coronavirus pandemic hurting an economy already battling with falling oil prices and fuel demand while a big increase in VAT in July to 15 percent from 5 percent aiming to increase non-oil revenues is hurting domestic demand
2020-09-30
Saudi Arabia GDP Shrinks for 3rd Quarter in Q1
The economy of Saudi Arabia shrank 1 percent year-on-year in the first three months of 2020, the third straight quarter of contraction and the deepest in over 2 years. The oil sector dropped 4.6 percent due to a plunge in international oil prices during the first four months of the year amid oversupply and demand concerns due to the coronavirus pandemic. Petroleum refining sank 24.2 percent and crude petroleum and natural gas production went down 2.9 percent. In contrast, the non-oil sector rose 1.6 percent, with wholesale and retail trade and restaurants and hotels recording the biggest growth (4.8 percent), followed by other mining and quarrying (4.6 percent) and transport, storage, and communication (4.1 percent) while manufacturing excluding petroleum refining declined 2.6 percent and real estate activities contracted 1.4 percent. The IMF expects the Saudi Arabian economy to contract 6.8 percent in 2020.
2020-06-30
Saudi Arabia GDP Shrinks 0.3% YoY in Q4
Saudi Arabia's economy contracted by 0.30 percent year-on-year in the fourth quarter of 2019, following a 0.46 percent contraction in the previous three-month period, led by a decline in the oil sector output (-5.82 percent vs -6.43 percent). Meanwhile, non-oil output grew (3.83 percent vs 4.33 percent), driven by private activity (5.15 percent vs 4.22 percent). Main positive contributions came from wholesale & retail trade, restaurants & hotels (9.17 percent vs 8.04 percent), followed by community, social & personal services (8.35 percent vs 7.75 percent); finance, insurance & business services (5.57 percent vs 6.28 percent) and construction (7.69 percent vs 4.62 percent). Considering the full year of 2019, the GDP advanced 0.33 percent, far below 2.43 percent a year ago.
2020-03-30

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).