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.