Today, the General Authority for Statistics issued rapid estimates of the rate of GDP growth for the first quarter of 2021 AD, and according to estimates, the real GDP of non-oil activities achieved seasonal adjustments during the first quarter of 2021, a positive growth of 4.0% compared to what it was in Fourth quarter of 2020.
The real GDP of non-oil activities during the first quarter of 2021 achieved a positive growth of 3.3%, compared to what it was in the same period of the previous year 2020.
The agency clarified that the rapid estimates of the quarterly GDP is an estimation process of the quarterly national accounts, which is made within a short period after the end of the reference quarter, and is published 40 days after the end of the reference quarter when the data related to that quarter are still incomplete. The same are the estimates that are made in the quarterly national accounts, but they adopt simplified assumptions about extrapolating some monthly or quarterly indicators, and many indicators related to production, expenditures, income, price and foreign trade are used, indicating that the rapid estimates of the quarterly GDP relate to the entire national economy. It is provided without any details of economic sectors and activities.
She indicated that rapid estimates are used by decision-makers, academics and researchers who want to obtain a long-term future vision of GDP data for economic activities, in addition to that, international organizations use seasonally adjusted data to make economic comparisons between countries of the world.
It is noteworthy that the General Authority for Statistics is the official and only statistical reference for statistical data and information in the Kingdom, and it carries out all statistical work, technical supervision of the statistical sector, design and implementation of field surveys, in addition to conducting statistical studies and research, analyzing data and information, and all works of documenting and preserving information and data. The statistic that covers all aspects of life in the Kingdom from its multiple sources, and its codification, classification, analysis, and the extraction of its statistical indicators.