Gross Domestic Product Second Quarter of 2023

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) (Figure.1&2)

Figure 1. Quarterly Real GDP Growth Rates (Year-on-Year,%) Real GDP by economic activities at constant prices
GDP Oil Activities Non-Oil Activities Government Activities
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%
22.9
20.3

Q-o-Q), followed by wholesale and retail trade, restaurants, and

14.2

hotels activities by (9.8% Y-o-Y; 2.1% Q-o-Q). Community, social &

11.2
10.0

personal services activities grew by (9.0% Y-o-Y; 2.3% Q-o-Q).

8.7

6.2
6.1
6.1

6.1
5.7

5.5

5.4
4.9
3.8
3.7

2.9

(Figure.4)
2.5
2.4

2.4

2.3
1.4

1.2
Figure 4. Quarterly Real GDP Growth Rates by Economic Activities (Y-o-Y & Q-o-Q,%)
Transport, Storage & Communication 12.9
3.1
Wholesale & Retail Trade, Restaurants & hotels 9.8
-4.3
2.1
Community, Social & Personal Services 9.0
Q1
Q1

Q2

Q3

Q4

Q2 2.3
Finance , Insurance and Business sevices 4.2
2022 2023 1.2
Construction 4.0
0.0
Figure 2. Seasonally Adjusted Quarterly Real GDP Growth Rates Manufacturing excluding petroleum refining 3.7
1.2
(Quarter-on-Quarter,%) Agriculture, Forestry & Fishing 3.5
1.1
GDP Oil Activities Non-Oil Activities Government Activities Government Services 2.3
0.5
6.1

Real Estate 1.1

1.8
Electricity, Gas and Water 1.1
0.5
Other Mining & Quarrying -1.1
2.7

2.3 Y-O-Y
2.1
1.9

1.6

-4.0
1.4

Crude Petroleum & Natural Gas

1.6

1.3

1.3
1.2

1.1

1.1
1.1

Q-O-Q
1.0

-1.6
0.8
0.7
0.6

0.5
0.4

Petroleum Refining -8.3

-0.5

Contribution of economic activities to GDP at current prices

-0.2
-0.3

-1.4

-1.5

The Gross Domestic Product at current prices amounted to SAR 970

billion in Q2/2023, crude petroleum and natural gas activities
-4.7

achieved the highest contribution to GDP with 25.0%, followed by

Q1
Q1

Q2

Q3

Q4

Q2

government services activities with 15.6%, then wholesale and

2022 2023
retail trade, restaurants and hotels activities with 9.7%. (Figure.5)

Real GDP by expenditure components

Figure 5. Relative Contribution of Economic Activities to GDP (%)
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 Community, Social
Agriculture,
Forestry & Fishing;
increased by 2.4% Y-o-Y while decreased by 0.3% Q-o-Q, & Personal
2.8
government final consumption expenditure grew by 1.0% Y-o-Y Services; 2.7 Government
Services; 15.6
while decreased by 2.5% Q-o-Q, on the level of trade balance Finance ,
Insurance and Crude Petroleum
Imports grew by (4.9% Y-o-Y ; 9.0% Q-o-Q) ,exports increased by & Natural Gas;
Business sevices; Other Mining &
0.3% Y-o-Y and decreased by 2.7% Q-o-Q (Figure.3) 4.9 25.0
Quarrying; 0.5
Real Estate; 6.1
Figure 3. Real GDP Growth Rates by Expenditure Components
Petroleum
Transport, Storage
(Y-o-Y & Q-o-Q,%) Refining; 6.2
& Communication;
Y-O-Y Q-O-Q Manufacturing
9.0

5.2
excluding

Wholesale & Retail petroleum

Trade, Restaurants & refining ; 9.6

4.9

Construction; 5.0 Electricity, Gas and Water; 1.2

hotels; 9.7
3.3

2.4
1.0

0.3

Definitions
GDP (Production approach):
It is the total production minus the total intermediate consumption of all economic
-0.3

activities plus net taxes on products.

-0.9

GDP (Expenditure approach):

-2.5

It is final expenditure at purchasers’ prices, which include government final consumption

-2.7

Govt. Final Private Final Gross Fixed Exports Imports expenditure, private final consumption expenditure, gross capital formation and net
exports (exports minus imports).
Consumption Consumption Capital Seasonal Adjustments of GDP:
Seasonally adjusted data means that seasons, holidays and calendar effects are removed
Expenditure Expenditure Formation to make data comparable across quarters.
Oil activities:
Include crude oil, natural gas and refining activities .
Government services activities:
Include the activities of all government agencies listed in the government's final account
and the entities that produce non-market services and controlled by government.
Non-oil activities:
Include all other economic activities except oil activities and government services
activities.

Methodology. Tables.

GENERAL AUTHORITY FOR STATISTICS P.O. BOX 3735 RIYADH 11481 KINGDOM OF SAUDI ARABIA HTTP://WWW.STATS.GOV.SA E-MAIL: INFO@STATS.GOV.SA