Private Consumption in Saudi Arabia
The Saudi Arabian economy recorded an average growth rate of 4.2% in the decade to 2022. In 2022, private consumption growth was 4.9%. For more private consumption information, visit our dedicated page.
Saudi Arabia Private consumption Chart
Saudi Arabia Private consumption Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Private Consumption (ann. var. %) | 6.5 | -8.0 | 9.5 | 4.9 | 5.3 |
Second reading confirms that economy recorded best result since Q1 2023 in Q3
GDP growth matches preliminary reading: GDP rebounded in Q3, expanding 2.8% year on year, matching the preliminary reading, above the 0.3% contraction logged in Q2 and marking the best result since Q1 2023. On a seasonally adjusted quarter-on-quarter basis, economic growth waned to 0.9% in Q3, down from the previous quarter's 1.4% expansion and marking the worst reading since Q4 2023.
Second reading gives expenditure breakdown: The second reading provided a breakdown of the GDP figures by expenditure, showing that the annual upturn reflected improvements in private consumption, fixed investment and exports. Household spending growth picked up to 3.9% in the third quarter, which marked the best reading since Q4 2023 (Q2: +2.8% yoy). Moreover, fixed investment growth improved to 4.5% in Q3, above the 3.2% expansion logged in the previous quarter. Exports of goods and services rebounded, growing 3.0% in the third quarter, which marked the best reading since Q1 2023 (Q2: -5.8% yoy). Less positively, government consumption growth was the slowest since Q2 2024, expanding 6.2% (Q2: +10.9% yoy). In addition, imports of goods and services rebounded, growing 7.3% in Q3 (Q2: -0.9% yoy), marking the strongest reading since Q3 2023.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian private consumption projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Saudi Arabian private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian private consumption projections.
Want to get access to the full dataset of Saudi Arabian private consumption forecasts? Send an email to info@focus-economics.com.
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