Saudi Arabia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

2.8

Units In

-0.4

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
24.2 Dec 1973	-20.7 Dec 1982	3.43 %	1969-2024	Central Department Of Statistics & Information

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).

Latest Updates

Saudi Arabia’s GDP expanded 2.8% yoy in Q3 of 2024, in line with preliminary estimates, rebounding from a 0.3% contraction in Q2. This marked the first economic growth since the second quarter of 2023, primarily driven by a slight recovery in oil activities (0.05% vs -8.9% in Q2). Meanwhile, non-oil activities (4.3% vs 4.9%) and government activities (3.1% vs 3.6%) continued to expand but at a softer pace. By sector, mining & quarrying edged up 0.1% after plunging 11.5% in Q2) while agriculture, forestry & fishing grew faster (3.4% vs 2.2%) and wholesale & retail trade continued to rise (5.8% vs 6.8%). On the expenditure side, exports (3.0% vs -5.8%) and imports (7.3% vs -0.9%) rebounded amid faster rises in household spending (3.9% vs 2.8%) and fixed investment (4.5% vs 3.2%). Meanwhile, government spending continued to grow (6.2% vs 10.9%). On a seasonally adjusted quarterly basis, the GDP advanced by 0.9% in Q3, easing from a 1.4% gain in the previous two quarters.