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Saudi Arabia’s real gross domestic product (GDP) dropped by 1.8% year-on-year (YoY) in the first quarter of 2024, data issued by the General Authority for Statistics (GASTAT) showed.
GASTAT attributed the decline to a 10.6% retreat in oil activities. However, non-oil and government activities rose during the three-month period by 2.8% and 2% YoY, respectively.
The GASTAT began publishing quick estimates of the quarterly GDP as of Q3 2020 to provide timely information about the Saudi economy for decision-makers.
The authority defines “the quarterly rapid estimates of GDP” as a quarterly national accounting assessment process conducted within a short period after the end of the quarter while the period’s data is still incomplete.
|
GDP, Real GDP Growth Rates with Seasonal Adjustment* |
||
|
Period |
QoQ with seasonal adjustment |
On YoY basis |
|
Q1 2018 |
+1.8% |
+2.4% |
|
Q2 2018 |
+0.1% |
+2.9% |
|
Q3 2018 |
+1.0% |
+3.1% |
|
Q4 2018 |
+1.0% |
+4.3% |
|
Q1 2019 |
(0.8%) |
+1.3% |
|
Q2 2019 |
+0.7% |
+1.6% |
|
Q3 2019 |
(0.3%) |
+0.9% |
|
Q4 2019 |
+1.0% |
+0.6% |
|
Q1 2020 |
(2.7%) |
(0.8%) |
|
Q2 2020 |
(4.0%) |
(7.1%) |
|
Q3 2020 |
+2.0% |
(3.8%) |
|
Q4 2020 |
+1.5% |
(2.7%) |
|
Q1 2021 |
+0.4% |
+0.5% |
|
Q2 2021 |
+1.6% |
+5.1% |
|
Q3 2021 |
+3.1% |
+6.3% |
|
Q4 2021 |
+2.0% |
+8.4% |
|
Q1 2022 |
+2.2% |
+7.5% |
|
Q2 2022 |
+1.2% |
+9.1% |
|
Q3 2022 |
+1.2% |
+8.0% |
|
Q4 2022 |
+1.5% |
+5.6% |
|
Q1 2023 |
(1.5%) |
+3.2% |
|
Q2 2023 |
-- |
+1.7% |
|
Q3 2023 |
(2.3%) |
(3.2%) |
|
Q4 2023 |
(0.6%) |
(4.3%) |
|
Q1 2024 |
+1.3% |
(1.8%) |
The following table shows Saudi Arabia's GDP by regulatory sector:
|
GDP Growth Rates during Q1 2024 |
||
|
Sector |
QoQ with seasonal adjustment |
YoY |
|
Oil activities |
+2.4% |
(10.6%) |
|
Non-oil activities |
+0.5% |
+2.8% |
|
Government activities |
(1.0%) |
+2.0% |
|
GDP |
+1.3% |
(1.8%) |
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