Saudi Arabia's economy contracted by 0.46 percent year-on-year in the third quarter of 2019, reversing a 0.50 percent growth in the previous three-month period, led by a sharp decline in oil sector output (-6.43 percent). Meanwhile, non-oil output grew 4.33 percent on the back of private sector activity. Mining and quarrying, which accounts for 38.2 percent of GDP, shrank 6.39 percent, and manufacturing, which accounts for 12 percent, dropped 2.40 percent. Wholesale and retail trade expanded 8 percent, while finance, insurance, real estate and business services advanced 6.28 percent. On a seasonally adjusted quarterly basis, the economy contracted by 0.19 percent.

GDP Annual Growth Rate in Saudi Arabia averaged 3.92 percent from 1969 until 2019, 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. source: Central Department Of Statistics & Information

GDP Annual Growth Rate in Saudi Arabia is expected to be 1.50 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 2.20 in 12 months time. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 2.20 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
-0.46 0.50 24.20 -20.70 1969 - 2019 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-03-31 07:00 AM Q4 3.6% 2.5% 2%
2019-06-30 07:15 AM Q1 1.7% 3.6% 2.2%
2019-09-30 11:15 AM Q2 0.5% 1.7% 1.5%
2019-12-31 11:00 AM Q3 -0.5% 0.5% -0.3%
2020-03-31 11:00 AM Q4 -0.5% 0.2%
2020-06-30 11:00 AM Q1 1.5%
2020-09-30 11:00 AM Q2 2.2%
2020-12-31 11:00 AM Q3 2.5%


News Stream
Saudi Arabia GDP Shrinks 0.5% in Q3
Saudi Arabia's economy contracted by 0.46 percent year-on-year in the third quarter of 2019, reversing a 0.50 percent growth in the previous three-month period, led by a sharp decline in oil sector output (-6.43 percent). Meanwhile, non-oil output grew 4.33 percent on the back of private sector activity. Mining and quarrying, which accounts for 38.2 percent of GDP, shrank 6.39 percent, and manufacturing, which accounts for 12 percent, dropped 2.40 percent. Wholesale and retail trade expanded 8 percent, while finance, insurance, real estate and business services advanced 6.28 percent. On a seasonally adjusted quarterly basis, the economy contracted by 0.19 percent.
2019-12-31
Saudi Arabia GDP Growth at 1-1/2-Year Low
Saudi Arabia’s gross domestic product expanded 0.5% year-on-year in the second quarter of 2019, easing from a 1.7% advance in the previous period. It was the weakest growth since the last quarter of 2017, as government expenditure fell (-3.6% vs 14.5% in Q2 2018). In contrast, both private consumption (4.1% vs 2.8%) and gross fixed capital formation (9.8% vs 5.9 %) advanced faster. Regarding net trade, exports dropped 4.6% (from 9.1% in Q2 2018) while imports advanced 3.5 % (from -2.2% in Q2 2018). On the production side, output dropped for manufacturing (-2.3% vs 2.0%); mining & quarrying (-2.9% vs 1.6%) and electricity, gas & water (-6.3% vs -0.1%). On the other hand, production rose faster for agriculture, forestry & fishing (1.2% vs 0.7%); finance, insurance, real Estate & business services (5.4% vs 3.4%) and wholesale & retail trade, restaurants & hotels (5.8% vs 0.6%) while construction output rebounded (4.9% vs -2.8%).
2019-09-30
Saudi Arabia GDP Growth Slows to 1.7% YoY in Q1
Saudi Arabia’s gross domestic product expanded 1.66% year-on-year in the first quarter of 2019, easing from a 3.59% advance in the previous period. Net foreign demand contributed positively to growth, as exports climbed 5.1% (vs 12.4% in Q4) and imports went up at a softer 1.0% (vs 0.1%). At the same time, both government expenditure (1.5% vs -15.6%) and gross fixed capital formation (3.7% vs -4.8%) rebounded while household consumption surged 4.8%, higher than a 0.1% gain in Q4. On the production side, output slowed mainly for mining & quarrying (1.0% vs 6.4%); utilities (1.1% vs 2.4%) and agriculture, forestry & fishing (0.7% vs 0.8%). Also, manufacturing activity showed no growth in Q1, after increasing 3.5% in the prior period. By contrast, output rose faster for wholesale & retail trade (1.9% vs 0.8%); transport, storage & information and communication (4.9% vs 3.6%) and finance, insurance, real estate & business services (4.9% vs 3.5%).
2019-06-30
Saudi Arabia GDP Growth Strongest in a Year
Saudi Arabia’s gross domestic product advanced 2.59 percent year-on-year in the fourth quarter of 2018, following a 2.47 percent expansion in the previous period. It was the highest growth rate since the last quarter of 2017, when the economy contracted by 1.18 percent. Net foreign demand contributed positively to growth, as exports jumped 12.44 percent (vs 8.01% in Q3) and imports went up at a softer 0.09 percent (vs 7.18% in Q3) while household consumption (0.12% vs 1.63%) slowed. On the other hand, government expenditure (-15.69% vs 7.55% in Q3) and fixed investment (-4.81% vs 8.87%) contracted. On the production side, output growth accelerated mainly for: mining and quarrying (6.41% vs 4.19%); manufacturing (3.52%t vs 1.66%). Meantime, output growth eased mainly for: electricity, gas, and water (2.36% vs 4.41%), transport, storage & information and communication (3.64% vs 4.85%). For 2018 as a whole, the economy grew 2.21 percent, compared to a 0.74 percent contraction in 2017.
2019-03-31

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).