The economy of Saudi Arabia expanded 1.1% from a year earlier in the second quarter of 2023, slowing from a 3.8% rise in the previous quarter, preliminary estimates showed. It was the weakest growth rate in nine quarters as the oil sector shrank 4.2% (vs +1.4% in Q1), amid oil-production cuts and a drop in prices. Meanwhile, non-oil activities remained robust (5.5% vs 5.4% in Q1) while government services (2.7% vs 4.9%) advanced less. Compared to the previous quarter, the GDP decreased 0.1%, led by a 1.4% fall in oil activities. The IMF recently cut its 2023 GDP growth forecast for Saudi Arabia to 1.9% from 2.1%, reflecting production cuts announced in April and June. source: General Authority for Statistics, Saudi Arabia
GDP Annual Growth Rate in Saudi Arabia averaged 3.72 percent from 1969 until 2023, reaching an all time high of 24.20 percent in the fourth quarter of 1973 and a record low of -20.70 percent in the fourth quarter of 1982. This page provides the latest reported value for - Saudi Arabia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Saudi Arabia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.
GDP Annual Growth Rate in Saudi Arabia is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2024, according to our econometric models.