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Saudi Arabia’s real gross domestic product (GDP) rose 9.6% year-on-year (YoY) in Q1 2022, achieving the highest growth rate since 2011, data issued by the General Authority for Statistics (GASTAT) showed.




The growth was fueled by oil activities that increased by 20.4% in Q1 2022. Non-oil activities saw a rise of 3.7%, with government services activities growing by 2.4% year-on-year (YoY).




Compared to Q4 2021, real GDP accelerated by 2.2%.




GASTAT has started publishing flash estimates for the Kingdom’s quarterly GDP since Q3 2020.




Flash Estimate of GDP 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 Arabia’s GDP since 2018:

























GDP, Real GDP Growth Rates With Seasonal Amendments

Period

Quarterly with seasonal amendments

Annually

Q1 2018

+ 1.4 %

+ 1.4 %

Q2 2018

+ 1.0 %

+ 1.6 %

Q3 2018

+ 1.0 %

+ 2.4 %

Q4 2018

+ 0.5 %

+ 4.3 %

Q1 2019

(0.9%)

+ 1.7 %

Q2 2019

+ 0.1 %

+ 0.5 %

Q3 2019

(0.2%)

(0.5%)

Q4 2019

+ 0.3 %

(0.3%)

Q1 2020

(1.3%)

(1.1%)

Q2 2020

(4.8%)

(7.2%)

Q3 2020

+ 0.7 %

(4.5%)

Q4 2020

+ 2.1 %

(3.8%)

Q1 2021

(1.1%)

(2.6%)

Q2 2021

+ 0.2 %

+ 1.9 %

Q3 2021

+ 5.7 %

+ 7.0 %

Q4 2021

+ 1.6 %

+ 6.7 %

Q1 2022

+2.2%

+9.6%


*Updated data







The following table shows GDP growth breakdown in Q1 2022:












GDP Growth Rates in Q1 2022

Sector

Quarterly with seasonal amendments

Annually

Oil activities

+2.9%

+20.4%

Non-oil activities

+2.5%

+3.7%

Government activities

(0.9%)

+2.4%

GDP

+2.2%

+9.6%