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

14/12/2021 Argaam Special

The Kingdom of Saudi Arabia's flag


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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