Riyadh, Saudi Arabia — Saudi Arabia’s real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of 2023, compared to the third quarter of 2022, flash estimates by the General Authority for Statistics (GASTAT) said.
GASTAT attributed the fall to a decrease in oil activities by 17.3 percent, while non-oil activities
and government activities grew by 3.6 percent and 1.9 percent respectively, on an annual basis.
Seasonally adjusted real GDP decreased by 3.9 percent in the third quarter compared to the previous quarter, due to a decrease in oil activities and government activities by 8.4 percent and 5.3 percent respectively, while non-oil activities increased by 0.1 percent on a quarterly basis.
Flash estimates of GDP is the process of estimating the real growth rates of GDP, which is conducted during the short period after the end of the reference quarter, when data for the quarter is still incomplete.
Oil activities include crude oil, natural gas and refining activities. Government 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 for oil activities and
government services activities.