Saudi GDP rises 7% in Q3 2021, highest growth since 2012

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Saudi Arabia’s gross domestic product (GDP) grew by 7% in Q3 2021 compared with a year earlier, the highest growth since 2012, data issued by the General Authority for Statistics (GASTAT) showed.

The GDP also rose by 5.7% compared with the second quarter of 2021.

The authority attributed the growth to the increase in oil activities by 9.3% YoY and 12.7% quarter-on-quarter (QoQ). In addition, non-oil activities grew by 6.3% YoY.

The government activities rose by 2.7% YoY and 1.1% QoQ.

The GDP at constant prices amounted to SAR 665.23 billion in Q3 2021, compared with SAR 621.95 billion a year earlier.

The following table illustrates the GDP by organizational sectors at fixed prices in Q3 2021:

GDP by Organizational Sectors at Fixed Prices (SAR bln)
Sector	Q3 2020	Q3 2021	Variation
Oil Activities	246.06	268.97	%9.3+
Non-Oil Activities	268.49	285.34	+6.3%
Government Activities	84.74	87.02	+2.7%
Total of Government and Non-Oil Activities	353.23	372.36	+5.4%
GDP Excluding Net Tax on Products	599.29	641.33	+7.0%
Net Tax on Products	22.66	23.90	+5.5%
GDP	621.95	665.23	+ 7.0%

In August, GASTAT published flash GDP estimates at constant prices, which showed a 6.8% rise in Q3 2021 compared with a year earlier.

The following table shows Saud Arabia's GDP growth since 2018:

Real GDP and GDP Growth Rates, with Seasonal Adjustments*
Period	QoQ (With Seasonal Adjustments)	YoY
Q1 2018	+1.4%	+1.4%
Q2	+1.0%	+1.6%
Q3	+1.0%	+2.4%
Q4	+0.5%	+4.3%
Q1 2019	(0.9%)	+1.7%
Q2	+0.1%	+0.5%
Q3	(0.2%)	(0.5%)
Q4	+0.3%	(0.3%)
Q1 2020	(2.2%)	(1.1%)
Q2	(4.7%)	(7.2%)
Q3	+2.5%	(4.5%)
Q4	+0.3%	(3.8%)
Q1 2021	(1.0%)	(2.6%)
Q2	+1.1%	+1.9%
Q3	+5.7%	+7.0%

* Updated data.

Details and historical data for macroeconomic

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