Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Saudi economy grew 3.9% in Q1 led by non-oil activities: GASTAT 

Saudi economy grew 3.9% in Q1 led by non-oil activities: GASTAT 

Saudi Arabia’s real gross domestic product grew by 3.9 percent year-on-year in the first quarter of 2023 as non-oil activities picked up pace, data issued by the General Authority for Statistics showed.
Between January and March this year, the Kingdom’s activities in the non-oil sector, government services, and oil industry increased by 5.8 percent, 4.9 percent, and 1.3 percent, respectively.

The positive trend also continued in April. The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index report, formerly known as the S&P Global Saudi Arabia PMI, revealed that the Kingdom’s PMI went up to 59.6 in April from 58.7 in March. This is fractionally lower than the eight-year peak in February when the metric hit 59.8.

However, the GASTAT report further revealed that the seasonally adjusted real GDP decreased by 1.3 percent in the first quarter of 2023 compared to the previous quarter.

This drop was due to a decline in oil activities by 4.8 percent, while the non-oil sector and government services activities grew by 1.5 percent and 1.1 percent, respectively.

The real GDP in the first quarter also slipped compared to the annual 5.4 percent growth registered between October and December of 2022.

During the fourth quarter of last year, non-oil and oil activities picked up 6.2 percent and 6.1 percent, respectively.

Government services activities inched up by 1.8 percent in the fourth quarter of the last year, compared to the same quarter in 2021.

Overall, Saudi Arabia’s economy advanced by 8.7 percent in 2022 as opposed to 3.2 percent in 2021, fueled by a 15.4 percent surge in oil activities.

Last month, the International Monetary Fund raised its expectations for the Kingdom’s growth this year by 0.5 percent to 3.1 percent, compared to 2.6 percent in January.

The fund, however, downgraded its projection for the Kingdom by about 0.3 percent to 3.1 percent for 2024, down from 3.4 percent in January.

In October, the IMF stated that Saudi Arabia would remain the fastest-expanding economy among the G20 countries, despite rising inflation and soaring interest rates.

On the global level, the fund expects economic growth to fall to 2.8 percent in 2023, down from 3.4 percent in 2022, due to the US Federal Reserve’s tightening monetary policy.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×