Saudi Arabia’s gross domestic product advanced 1.61 percent year-on-year in the second quarter of 2018, following a 1.15 percent growth in the previous period. Output rose faster for mining & quarrying (1.74 percent from 0.75 percent in Q1), namely crude & natural gas (1.73 percent from 0.69 percent) and finance, insurance, real estate & business services (4.25 percent from 2.09 percent). On the other hand, production expanded at a softer pace for manufacturing (3.23 percent from 3.27 percent) and agriculture, forestry & fishing (0.14 percent from 0.29 percent). Meanwhile, output fell for electricity, gas & water (-0.09 percent from 1.14 percent) and it declined further for construction (-3.19 percent from -2.43 percent) and wholesale & retail trade, restaurants & hotels (-0.51 percent from -0.47 percent). GDP Annual Growth Rate in Saudi Arabia averaged 4.08 percent from 1969 until 2018, 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.
GDP Annual Growth Rate in Saudi Arabia is expected to be 2.00 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 2.30 in 12 months time. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 2.30 percent in 2020, according to our econometric models.