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 economy expanded by 2.8% year-on-year in the third quarter of 2024, recovering from a 0.3% contraction in the previous period, preliminary estimates showed. This marked the first economic growth since the second quarter of 2023, primarily driven by a rebound in oil activities (0.3% vs -8.9% in Q2). Meanwhile, both non-oil activities (4.2% vs 4.9%) and government activities (3.1% vs 3.6%) continued to rise but at a softer pace. On a seasonally adjusted quarterly basis, the GDP grew by 0.8% in the September quarter, slowing from a 1.4% rise in each of the previous two quarters.