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Saudi Arabia’s annual real gross domestic product (GDP) grew by 3.3% in 2021, compared to a drop of 4.1% in 2020, data issued by the General Authority for Statistics (GASTAT) showed.
The growth was driven by economic recovery from the COVID-19 pandemic. The non-oil sector rose 6.6%. Government services share also grew by 1.5%.
Oil activities also saw a rise of 0.2%.
According to flash estimates, the Kingdom’s real GDP grew by 6.8% in Q4 2021, compared to the year-ago period.
This positive growth was attributed to the strong increase in oil activities by 10.8%. Non-oil activities and government services activities also rose by also rose 5% and 2.4% year-on-year (YoY), respectively.
When compared to Q3 2021, the seasonally adjusted real GDP grew by 1.6% in Q4 2021. This increase in GDP was spurred by 1.8% growth in oil activities, a 1.5% rise in non-oil activities and a 1.2% increase in government services activities.
According to GASTAT, the flash estimate is the process of estimating the quarterly national accounts conducted during the short period after the end of the reference quarter, when data for the quarter is still incomplete.
The following table shows Saudi GDP growth rates since early 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% |
|
Q4 2021 |
+1.6% |
+6.8% |
* Updated data.
The following table shows Saudi GDP growth in Q4 2021:
|
GDP Growth rate in Q4 2021 |
|||
|
Sector |
QoQ (With Seasonal Adjustments) |
YoY |
|
|
Oil |
+1.8% |
+10.8% |
|
|
Non-Oil |
+1.5% |
+5.0% |
|
|
Government Services |
|
+1.2% |
+2.4% |
|
GDP |
|
+1.6% |
+6.8% |
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