Saudi Arabia’s Q1 growth of 3.9% was led by non-oil activities

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, disclosed the General Authority for Statistics in its latest report.

The Kingdom’s non-oil activities grew by 5.8 percent year-on-year, followed by government services and oil sectors, which rose by 4.9 percent and 1.3 percent respectively in the first quarter of 2023.

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

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