Data from the Saudi General Authority for Statistics showed that Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022, compared to the same period of 2021. The authority indicated that the increase in the gross domestic product was driven by the increase achieved by oil activities by 14.2 percent, and non-oil activities by 6 percent.
The gross domestic product in Saudi Arabia at current prices amounted to 1.036 billion riyals in the third quarter. Government activities recorded a growth of 2.5 percent year-on-year in the third quarter ending in September 2022. The seasonally adjusted real gross domestic product grew by 2.1 percent in the third quarter, compared to the previous second quarter.
Preliminary estimates showed that the annual real gross domestic product grew by 8.6 percent in the third quarter. The Saudi Ministry of Finance expected the Saudi economy to grow by 3.1 percent in 2023, supported by oil activities, with expectations for the Saudi economy to grow by 5.7 percent in 2024 and 4.5 percent in 2025. The positive expectations of the Saudi economy for the year 2023 come as an extension of the improvement in the positive actual performance during the year 2022.
Source (Al-Arabiya.net Website, Edited)
