RIYADH — Saudi Arabia's nominal GDP rose 6.3 percent year-on-year to SR1.274 trillion in the first quarter of 2026, driven primarily by a 12.3 percent increase in oil activities, according to the Ministry of Investment's May 2026 Monthly Bulletin.The report highlighted the Kingdom’s economic growth with real GDP expanding 3 percent year-on-year in Q1 2026.Gross Fixed Capital Formation (GFCF), a key measure of investment, increased 5.1% in the first quarter after contracting through much of 2025.
Ministry of Interior's figure showing the real GDP growth rate by activity (%) Q1 2023 to Q1 2026.
Total GFCF reached SR358.3 billion, with the non-government sector accounting for SR319.9 billion, or 89 percent of total investment.Government investment recorded strong growth, with government GFCF surging 54 percent year-on-year to SR38.3 billion during the quarter.The bulletin also indicated stable inflationary conditions, with the Consumer Price Index remaining at 1.7 percent in April 2026. This was mostly due to a 3.8 percent increase in housing, water, electricity, gas, and other fuels, as well as a 1 percent rise in both transportation and restaurant and accommodation services.Consumer activity remained resilient, with point-of-sale transactions rising 11.8 percent year-on-year in April, indicating continued strength in household spending.
