According to the flash estimate for the growth rate of the real GDP report released recently by the General Authority for Statistics (GASTAT), the real Gross Domestic Product (GDP) of the Kingdom of Saudi Arabia increased by 6.8% in Q4 of 2021. A significant portion of this increase can be attributed to oil activities increasing by 10.8%. Non-oil activities increased by 5.0%, and government services increased by 2.4%.
Seasonally adjusted real GDP increased by 1.6% in Q4 of 2021 compared to Q3 of 2021. An increase in GDP resulted from a 1.8% growth in oil activities, a 1.5% increase in non-oil activities, and a 1.2% increase in government services. The report showed that real GDP increased by 3.3% in 2021, compared with a decline in 2020. As a result of the recovery from the COVID-19 crisis, GDP rose by 6.6% due to a growth of non-oil activities, 1.5% for government services, and 0.2% for oil activities.
A flash estimate of GDP is made during the short period following the end of the reference quarter, when data are still incomplete. A flash estimate of quarterly GDP at constant prices is published 40 days after the end of the reference quarter. In Saudi Arabia, GASTAT is the only official source of statistical data and information. It performs all the statistical work, as well as overseeing the statistical sector’s technical operation, which includes a multiple system of centers and statistical units established within the administrative structures of government agencies, as well as private institutions.