The estimates of the General Authority for Statistics showed that the gross domestic product of Saudi Arabia achieved a growth of 6.8 percent by the end of the third quarter of this year, compared to the third quarter of the year 2020.
According to the authority, this positive growth is due to the increase achieved by oil activities by 9 percent as a result of the increase in global demand for crude oil, and the kingdom's resumption of raising its production in 2021, followed by non-oil activities by 6.2 percent, and government activities achieved an increase of 2.7 percent. The authority indicated that the growth rate in the third quarter of this year is the highest growth rate since 2012.
The seasonally adjusted real GDP increased by 5.8% during the third quarter of 2021, compared to the second quarter of 2021. This increase in output is due to the significant growth in oil activities by 12.9%, in addition to the increase in non-oil activities by 1.6 percent, and government activities achieved a growth of 1.4 percent. The Saudi economy recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter of this year, as high oil prices fueled its first quarterly surplus since 2019.
Source (Al-Arabiya.net Website, Edited)
