Saudi Q1 Economy Grows 3.8% on Non-Oil Activities Rise

According to a report by the General Authority for Statistics, Saudi Arabia’s real gross domestic product (GDP) grew by 3.8% YoY in Q1 2023, driven by the expansion of non-oil activities. The report also revealed that non-oil activities increased by 5.4% in the first three months of 2023 compared to the same period in 2022. The growth of non-oil activities increased by 1% compared to Q4 2022. The Kingdom’s economic diversification efforts under Vision 2030 are focused on strengthening the non-oil private sector. The GASTAT report also noted that most economic activities in the Kingdom recorded positive growth on an annual basis in Q1 2023, including community, social and personal services activities, transport, storage and communication activities, and wholesale and retail trade, restaurant and hotel activities. The IMF has praised the structural reforms happening in the Kingdom in line with Vision 2030 and predicted that the non-oil sector will grow at an average of 5% in 2023.