{"id":97614,"date":"2025-06-02T00:00:00","date_gmt":"2025-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/02\/gastat-is-revising-our-gdp-figures\/"},"modified":"2025-06-02T00:00:00","modified_gmt":"2025-06-02T00:00:00","slug":"gastat-is-revising-our-gdp-figures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/02\/gastat-is-revising-our-gdp-figures\/","title":{"rendered":"Gastat is revising our GDP figures"},"content":{"rendered":"

<\/strong>A look into Gastat <\/strong>GDP revision project:<\/strong> The General Authority for Statistics (Gastat) recently updated<\/a> its nominal and real GDP historical data over 2011-2024, as part of a revision project that looks to better capture the economic transformation taking place in the Kingdom with more detailed insights over the performance of key sectors in the economy. <\/p>\n

What changed?<\/strong> Gastat launched the revision project at the beginning of 2024, using updated survey data and new sources, including the comprehensive economic survey, the household income and expenditure survey, and the comprehensive agricultural survey. The authority also adopted a chain-linking method in line with global standards to provide more accurate real GDP growth estimates, assessing growth rates \u201cbased on the weights and prices of the year preceding the measurement year,\u201d according to Gastat.<\/p>\n

This resulted in the number of tracked economic activities jumping to 134,<\/strong> up from 85. The revision \u201cbetter captures the ongoing economic transformation in the kingdom by expanding the economic activities covered and data sources,\u201d S&P Global Ratings\u2019 Zahabia Gupta told EnterpriseAM.<\/p>\n

Saudi Arabia\u2019s 2023 GDP was revised to be 14.1% higher than earlier estimates,<\/strong> which puts the economy\u2019s size at SAR 4.5 tn, up from SAR 3.94 tn, according to Gastat\u2018s revised figures. <\/p>\n

What this meant for the Kingdom\u2019s revised GDP growth for 2024: <\/strong>\u201cWith these updates, nominal GDP is 14% higher for 2024, which mainly reflects improvements in the non-oil economy including construction, trade, hospitality, transport, and manufacturing. For real GDP, with the rebasing of the year to 2023, growth was revised to 1.8% for 2024, from 1.3% previously,\u201d Gupta said.<\/p>\n

By the numbers:<\/strong> The update shows that the non-oil sector now makes up 53.2% of GDP, a 5.7 percentage point increase from previous estimates, reflecting faster growth in construction, retail, transport, and services, as well as stronger contributions from small- and medium-sized enterprises, the authority said.<\/p>\n

The sector breakdown:<\/strong> Construction saw the biggest upward revision, with activity rising 61%, followed by a 29.8% upward revision in wholesale, retail hospitality and restaurants, and a 25.6% boost in transport and communications. The revised numbers also show higher government and household spending than previously reported.<\/p>\n

The updates could become a more regular occurrence <\/strong>as Gastat wrote that without regular updates to its data collection mechanisms, the statistics may \u201cfail to reflect the ongoing transformation of Saudi Arabia\u2019s economic structure, particularly in light of the rapid expansion of the non-oil sector.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The revision project looks to better capture the economic transformation taking place in the Kingdom<\/p>\n","protected":false},"author":1,"featured_media":97615,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,335,1433],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp","tag-general-authority-for-statistics-gastat","wpautop","entry"],"acf":{"mongo_id":"71c69877-056f-48da-a8c8-b58da122974c","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/778.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gastat is revising our GDP figures","related_issue":[97600],"teaser":"The revision project looks to better capture the economic transformation taking place in the Kingdom","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.137eb751-133e-4994-ad18-2f612edb9632.mp3"},"yoast_head":"\nGastat is revising our GDP figures - 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