The growth fueled by oil activities increased by 20.4% percent in Q1 2022
Riyadh — Saudi Arabia’s real GDP rose 9.6 percent year-on-year (YoY) in Q1 2022. This growth is the highest achieved since 2011. The recent GDP figures are based on data issued by GASTAT, The General Authority for Statistics in Saudi Arabia.
Oil activities fueled the increase by 20.4% in Q1 2022. Non-oil activities increased by 3.7 percent, with government services activities growing by 2.4 percent year-on-year (YoY).
The figures showed that the seasonally adjusted real GDP in the Kingdom grew by 2.2% YoY for the first quarter of 2022.
This increase is attributed to the positive growth in oil activities by 2.9% and an increase in non-oil activities by 2.5%, while government services activities decreased by 0.9%.
A flash estimate of quarterly GDP estimates the quarterly national accounts conducted during a short period after the end of the reference quarter.
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It is published 30 days after the end of the reference quarter when the data relating to the quarter is still incomplete.
Also, it is the exact estimates performed in the quarterly national accounts. Still, it adopts simplified assumptions about extrapolating some indicators (monthly or quarterly); and uses many indicators related to production, expenditures, income, price, and foreign trade.
Flash estimates are related to the quarterly GDP of the entire national economy and are without specific details.
Decision-makers, academics, and researchers use Flash estimates to obtain a long-term future view of the GDP data for economic activities.
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GASTAT is the official and only statistical department for statistical data and information in the Kingdom.
GASTAT classifies and analyzes all activities in the Kingdom from various sources and presents statistical indicators.