Saudi Arabia GDP Annual Growth Rate1969-2019 Data | 2020-2022 Forecast | Calendar

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.

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%).

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%).

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.