Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
GASTAT data show that the non-oil economy continues to expand at a robust rate. Real non-oil GDP grew by 5.3 percent in Q1, year-on-year, the third quarter running that this mark was achieved, and in line with the 2021-22 quarterly average.
The central government recorded a small fiscal deficit of SR2.9 billion in Q1-23, driven by a 29 percent surge in spending. Revenue climbed by just 1 percent, with VAT receipts helping to offset a 3 percent drop in oil revenue.