Riyadh November 1 2023: According to the flash estimates by the General Authority for Statistics (GASTAT), the real Gross Domestic Product (GDP) of Saudi Arabia decreased by 4.5% in Q3/2023 compared to Q3/2022.
This result was due to the decrease in oil activities by 17.3%, while non-oil activities and government activities grew by 3.6% and 1.9% respectively, on an annual basis.
Seasonally adjusted real GDP decreased by 3.9% in Q3/2023, compared to the previous quarter (Q2/2023). This decrease was due to the decrease in oil activities and government activities by 8.4% and 5.3% respectively, while non-oil activities increased by 0.1% on a quarterly basis.
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