The Saudi General Authority for Statistics revealed that the real GDP increased by 7% at the end of the third quarter of 2021, compared to the same quarter of 2020. However, when comparing with the second quarter of 2021, the real GDP growth amounted to 5.7%.
The economic growth is mainly due to the rise in oil activities, which reached 9.3 percent on an annual basis and 12.7 percent on a quarterly basis. The growth in non-oil activities reached 6.3 percent on an annual basis and 2.6 percent on a quarterly basis, while the governmental activities grew by 2.7 percent on an annual basis and 1.1 percent on a quarterly basis.
The domestic demand witnessed a strong development during the third quarter of 2021, as private final consumer spending achieved a growth of 9.7 percent on an annual basis and 2.8 percent on a quarterly basis, while the external demand was one of the important growth factors in the third quarter of 2021, as exports achieved a growth of 14.2 percent on an annual basis and 7.3 percent on a quarterly basis. Imports also achieved a growth of 8.3 percent on an annual basis, while they witnessed a decline of 2.8 percent on a quarterly basis, while government final consumption expenditure witnessed a decrease of 1.1 percent on an annual basis, while it achieved a growth on a quarterly basis by 0.8 percent.
Source (Al-Arabiya.net website, Edited)
