Q1 2023 GDP Update: (Non-oil GDP growth remains buoyant)
Macroeconomic ReportGASTAT data show that the non-oil economy continues to expand at a robust rate. Real non-oil GDP grew by 5.3 percent in Q1, year-on-year, the third quarter running that this mark was achieved, and in line with the 2021-22 quarterly average.
The Saudi Economy in 2023
Macroeconomic ReportDriven by sustained impulses from both investment and consumption, we expect Saudi Arabia’s non-oil economy to continue growing well in excess of 5 percent in 2023. Overall GDP growth is set to slow to 2.8 percent from last year’s world-leading 8.7 percent as oil production is reined in.
Macroeconomic update - September 2022: ('Growth across various sectors')
Macroeconomic ReportRecently published data of the Kingdom’s GDP by the General Authority for Statistics (GaStat) showed strong growth in both oil and non-oil activities in H1 2022. This combined with our expectation of continued growth in H2, has led us to upgrade our full year 2022 GDP forecast.
The Saudi Economy in 2022
Macroeconomic ReportSaudi Arabia’s economy will exhibit strong levels of growth in 2022, as pandemic related uncertainty and volatility seen over the last couple of years diminishes. More specifically, we see overall GDP expanding by 7.7 percent in 2022.
Macroeconomic Update – November 2021: (All is well, but risks remain)
Macroeconomic ReportThe Saudi economy is on-track to record a very strong level of growth this year, and we expect this to continue into next year. More specifically, we see the Kingdom’s economy growing by 7 percent year-on-year in 2022 as a result of sizably higher oil sector growth and robust levels of non-oil growth.
