Saudi Arabia GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

4.4

Units In

2.8

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	3.44 %	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 economic growth was revised higher to 4.5% yoy in Q4 2024, up from preliminary estimates of 4.4%, accelerating from a 2.8% expansion in Q3. This marks the second consecutive quarter of growth and the fastest since Q4 of 2022, boosted by gains across all major economic sectors. Oil output expanded by 3.4% after stalling in Q3, while growth in non-oil activities accelerated to 4.7% from 4.3%. Meanwhile, government activities grew solidly (2.2% vs 3.1% in Q3). By sector, output expanded faster mainly for manufacturing (7.6% vs 1.6%) and electricity, gas, and water (7.4% vs 1.7%). On the expenditure side, exports (5.2% vs 3.0%) and imports (11.5% vs 7.3%) rose more, while household spending grew by 3.9%. By contrast, fixed investment and government spending fell by 2.2% and 6.6% each. On a seasonally adjusted quarterly basis, GDP advanced by 0.5%, down from a 0.9% gain in Q3. For the full year, Saudi’s economy advanced by 1.3%, rebounding from a 0.8% contraction in 2023.