RIYADH, SAUDI ARABIA – Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.
The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period.
Non-oil activities increased by 3.5 percent YoY and 0.4 percent QoQ, while government activities rose by 1.9 percent YoY but declined by 3.8 percent QoQ.
Oil activities dropped in the three-month period by 17 percent YoY and 8.5 percent QoQ.
The Kingdom’s GDP at constant prices reached US$191 billion (SAR 719.09 billion) in the third quarter of 2023, compared to US$200 billion (SAR 752.45 billion) in the same period last year.
Last October, GASTAT published flash estimates for the Kingdom’s GDP at constant prices, which showed a 4.5 percent drop in Q3 2023 compared to Q3 2022.