The real Gross Domestic Product (GDP) of the Kingdom of Saudi Arabia grew by 6.8% in Q4 of 2021 compared to Q4 of 2020, according to the flash estimates of the real GDP growth rate report for the fourth quarter (Q4) of 2021, released today by the General Authority for Statistics (GASTAT).
This positive growth was due to the high increase in oil activities by 10.8%, non-oil activities increased by 5.0% and government services activities increased by 2.4% year-on-year.
The seasonally adjusted real GDP grew by 1.6% in Q4 of 2021 compared to the previous quarter (Q3 of 2021). This increase in GDP was a result of the growth in oil activities by 1.8%, non- oil activities increased by 1.5% and government services activities grew by 1.2%.
The report revealed that the real GDP for the year 2021 achieved a growth rate of 3.3% compared to the decrease in 2020. This increase in GDP resulted of the economy recovering from the COVID-19 crisis through the growth of non-oil activities by 6.6%, government services activities also increased by 1.5% and oil activities grew by 0.2%.
The flash Estimate of GDP (Quarterly) is the process of estimating the quarterly national accounts conducted during the short period after the end of the reference quarter, when data for the quarter is still incomplete. The flash estimates of quarterly GDP at constant prices are published 40 days after the end of the reference quarter.
GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It executes all the statistical work, in addition to the technical oversight of the statistical sector, which includes a multiple system of centers and statistical units established within the administrative structures of government agencies and some private sector institutions as well.