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Saudi Arabia Real GDP Annual Growth Rate
The International Monetary Fund (IMF) in their January 2024 World Economic Outlook Update estimated a contraction of –1.1% in the Kingdom for 2023 down from 0.8% just 3 months ago.
A stark contrast to the 8.7% growth seen in 2022; in fact, Saudi Arabia was the fastest-growing economy out of the G20 in 2022.
This contraction can be attributed primarily to the oil sector, where real oil GDP fell by around 7%, likely due to the large cuts in crude oil production in May and July 2023, underscoring the volatility and challenges within the global oil market.
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