Flash Estimates Put Saudi Real GDP Growth Rate, at 6.8%

The real Gross Domestic Product (GDP) of the Kingdom of Saudi Arabia posted a growth rate, at 6.8 per cent, during the third quarter of 2021, according to estimates forwarded by the General Authority for Statistics.

Oil activities real GDP, during the third quarter, made also a positive growth rate at 9.0%, compared to the same period, in 2020.

Meanwhile, the estimates revealed that the real GDP of non-oil activities made a positive growth of 6.2%, during the third quarter of 2021, compared to the same period in 2020.

Following some seasonal adjustments and revisions, the real GDP achieved, during the third quarter of 2021, a positive growth rate of 5.8%, compared to  the second quarter of 2021.

The quick or flash estimate of quarterly GDP is defined as a process for the quarterly national accounts, that is made within a short period, after the end of the reference quarter, and published 40 days after the end of the reference quarter, when data relating to the quarter are still incomplete, and it is the same as the estimates made in the quarterly national accounts, but it adopts simplified assumptions about the extrapolation of some indicators (on monthly or quarterly basis).

Many indicators related to production, expenditures, income, price and foreign trade, to present the quick estimates of output being related to quarterly GDP for the entire national economy, without details of economic sectors and activities.

It is noteworthy that quick estimates are used by decision-makers, academics, and researchers, in order to obtain a long-term future view of the GDP data for economic activities.

In addition, international organizations use seasonally adjusted data to make economic comparisons between countries of the world.