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Saudi Arabia’s real gross domestic product (GDP) expanded by 2.8% in the third quarter of 2024 compared to the same period in 2023, according to the General Authority for Statistics (GASTAT).
In its flash estimates, GASTAT attributed this growth to non-oil activities, which rose by 4.2% year-on-year (YoY), with the government and oil activities increasing 3.1% and 0.3% YoY, respectively.
GASTAT has started issuing GDP flash estimates since Q3 2020.
The flash estimates for quarterly GDP provide more timely information on the Saudi economy to decision makers and users for economic activities.
|
Seasonally-Adjusted GDP Growth* |
||
|
Period |
QoQ with Seasonal Adjustment |
YoY |
|
Q1 2018 |
+1.8% |
+2.4% |
|
Q2 2018 |
+0.1% |
+2.9% |
|
Q3 2018 |
+1.0% |
+3.1% |
|
Q4 2018 |
+1.0% |
+4.3% |
|
Q1 2019 |
(0.8%) |
+1.3% |
|
Q2 2019 |
+0.7% |
+1.6% |
|
Q3 2019 |
(0.3%) |
(0.9%) |
|
Q4 2019 |
+1.0% |
+0.6% |
|
Q1 2020 |
(2.7%) |
(0.8%) |
|
Q2 2020 |
(4.0%) |
(7.1%) |
|
Q3 2020 |
+2.0% |
(3.8%) |
|
Q4 2020 |
+1.5% |
(2.7%) |
|
Q1 2021 |
+0.4% |
+0.5% |
|
Q2 2021 |
+1.6% |
+5.1% |
|
Q3 2021 |
+3.1% |
+6.3% |
|
Q4 2021 |
+2.0% |
+8.4% |
|
Q1 2022 |
+2.2% |
+7.5% |
|
Q2 2022 |
+1.2% |
+9.1% |
|
Q3 2022 |
+1.2% |
+8.0% |
|
Q4 2022 |
+1.5% |
+5.6% |
|
Q1 2023 |
(1.5%) |
+3.2% |
|
Q2 2023 |
-- |
+1.7% |
|
Q3 2023 |
(2.3%) |
(3.2%) |
|
Q4 2023 |
(0.6%) |
(4.3%) |
|
Q1 2024 |
+1.4% |
(1.7%) |
|
Q2 2024 |
+1.4% |
(0.3%) |
|
Q3 2024 |
+0.8% |
+2.8% |
*Data updated in line with GASTAT reports
The following table shows the third-quarter GDP breakdown:
|
GDP Growth rates in Q3 2024 |
||
|
Activities |
QoQ with Seasonal Adjustment |
YoY |
|
Oil |
+1.3% |
+0.3% |
|
Non-Oil |
+0.5% |
+4.2% |
|
Government |
(0.3%) |
+3.1% |
|
GDP |
+0.8% |
+2.8% |
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