HomeSaudi ArabiaDriven by oil activities, Saudi GDP grows 8.8% in Q3

Driven by oil activities, Saudi GDP grows 8.8% in Q3


RIYADH, 11 December – Saudi Arabia’s real gross domestic product grew by 8.8 per cent in the third quarter of 2022 compared to the same period last year driven by an increase in oil activities, according to a report released by the General Authority for Statistics.

GASTAT noted that the real GDP growth in the third quarter was up 2.1 per cent compared to the second quarter of this year.

According to the report, carried by Arab News, oil activities in the third quarter increased 14.2 per cent year-on-year, and 4.5 per cent quarter-on-quarter.

The report further pointed out that non-oil activities in the Kingdom also grew 6 per cent year-on-year, while it decreased by 0.5 per cent quarter-on-quarter.

Government activities also rose by 2.5 per cent in the third quarter compared to the same period a year ago.

The GASTAT report further noted that crude petroleum and natural gas grew by 14.8 per cent year-on-year, thus contributing 35.2 per cent to the national GDP.

“The non-oil economic activities outside the government contributed with a share of 50.7 per cent to GDP, with the manufacturing (excluding petroleum refining) with a share of 7.8 per cent being the most important sub-category within the non-oil economy,” the report said. — WAM


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