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GASTAT: Comprehensive update of Saudi Arabia’s GDP

01-05-2025

The General Authority for Statistics (GASTAT) announced the implementation of a comprehensive update to Saudi Arabia’s Gross Domestic Product (GDP), in line with the Kingdom’s efforts to enhance economic transparency, improve the quality and statistical data reliability, and accurately measure national economic indicators that support development goals and align with international best practices.
GASTAT explained that the updated results showed a 14.1% increase in GDP estimates for 2023, equivalent to an additional SAR 566 billion compared to previously published results, bringing the updated GDP total to SAR 4.5 trillion. The comprehensive update also revealed a higher relative contribution of the non-oil economy, reaching 53.2%, an increase of 5.7 percentage points from earlier estimates, driven largely by the increased economic activity of small and medium-sized enterprises.
The update further indicated significant growth in several economic sectors, including a 61% increase in construction activity, a 29.8% rise in wholesale and retail trade, restaurants, and hotels, and a 25.6% increase in transportation, storage, and communications, in addition to growth across various other sectors.
This update is part of GASTAT’s ongoing efforts to provide more comprehensive, up-to-date, accurate, and high-quality statistical data that serves decision-makers, policymakers, investors, researchers, and stakeholders at the local, regional, and international levels. Over the past period, GASTAT has implemented several enhancements to national accounts statistics, most notably the adoption of the chain-linked methodology. This globally recognized approach is used to estimate real GDP growth rates based on the weights and prices of the year preceding the measurement year, in accordance with the recommendations of the System of National Accounts (SNA) manual.
At the beginning of 2024, GASTAT launched the comprehensive GDP update project through a series of statistical surveys aimed at collecting detailed and wide-ranging data for the year 2023. Key surveys included the comprehensive economic survey, the household income and expenditure survey, and the comprehensive agricultural survey, in addition to an expanded use of administrative data sources. These inputs were used to develop more detailed supply and use tables and to produce accurate GDP estimates using the production, income, and expenditure approaches. The update also provided detailed data covering 134 economic activities, compared to 85 in the previous classification.
GASTAT affirmed that this update aligns with globally recognized statistical practices, helping to deliver a more accurate and up-to-date representation of the national economy. It captures significant structural shifts, enhances the precision of economic indicators, and boosts the credibility and international alignment of national data. GASTAT also emphasized that without regular updates, the data may fail to reflect the ongoing transformation of Saudi Arabia’s economic structure, particularly in light of the rapid expansion of the non-oil sector since the launch of Saudi Vision 2030. The revised GDP data is now accessible through GASTAT’s official e-portal.

 

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