Saudi-Arabien BIP Veränderung zum Vorjahr

Saudi Arabia’s GDP shrank by 4.3% year-on-year in the fourth quarter of 2023, compared to preliminary figures of a 3.7% drop, following a revised 3.2% contraction in the previous three-month period. It was the 2nd consecutive quarter of contraction, mainly due to declines in oil activities (-16.2% vs -16.1% in Q3). Meanwhile, the non-oil activities grew by (4.2% vs 3.2%), with the highest annual growth rates for financial, insurance & business services (10.6%), followed by wholesale & retail trade, restaurants & hotels (7.5%), social & personal services (6.6%), transport, storage & communication (6.4%), agriculture, forestry and fishing (5.6%), and construction (5.4%). Also, government activities expanded by 3.1% (vs 1.9% in Q3). On a seasonally adjusted quarterly basis, the GDP contracted by 0.6%, missing a flash reading of 0.4% growth after a 2.3% decline in the previous quarter. For the 2023 full year, the economy contracted by 0.8%, reversing sharply from a 7.5% expansion in 2022.