Non-oil Activities grow by 6.1% and lead the Saudi economy to achieve growth of 1.2%

According to estimates by the General Authority for Statistics (GASTAT), the real Gross Domestic Product (GDP) of Saudi Arabia grew by 1.2% in Q2/2023 compared to the same quarter in 2022 (Q2/2022) while the seasonally adjusted real GDP decreased by 0.2%.

Non-oil activities increased by (6.1% Y-o-Y; 1.6% Q-o-Q), and Government activities grew by (2.3% Y-o-Y; 0.5% Q-o-Q). While Oil activities decreased by (4.3% Y-o-Y; 1.5% Q-o-Q).

Real GDP by economic activities at constant prices

Most economic activities recorded positive growth rates on an annual basis in Q2/2023. Transport, storage, and communication activities recorded the highest growth rates by (12.9% Y-o-Y; 3.1% Q-o-Q), followed by wholesale and retail trade, restaurants, and hotels activities by (9.8% Y-o-Y; 2.1% Q-o-Q). Community, social & personal services activities grew by (9.0% Y-o-Y; 2.3% Q-o-Q).

Real GDP by expenditure components

Private final consumption expenditure grew by 3.3% Y-o-Y and recorded a decrease by 0.9% Q-o-Q. Gross fixed capital formation increased by 2.4% Y-o-Y while decreased by 0.3% Q-o-Q, government final consumption expenditure grew by 1.0% Y-o-Y while decreased by 2.5% Q-o-Q, on the level of trade balance Imports grew by (4.9% Y-o-Y ; 9.0% Q-o-Q) ,exports increased by 0.3% Y-o-Y and decreased by 2.7% Q-o-Q.

Contribution of economic activities to GDP at current prices

The Gross Domestic Product at current prices amounted to SAR 970 billion in Q2/2023, crude petroleum and natural gas activities achieved the highest contribution to GDP with 25.0%, followed by government services activities with 15.6%, then wholesale and retail trade, restaurants and hotels activities with 9.7%.