Saudi Arabia’s Real GDP Grows 8.8% in Q3 Driven By Rise in Oil Activities: GASTATSource: www.export-egypt.com 12/11/2022, Location: Middle East |
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Saudi Arabia’s real gross domestic product grew by 8.8 percent 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 percent 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 percent year-on-year, and 4.5 percent quarter-on-quarter. The report further pointed out that non-oil activities in the Kingdom also grew 6 percent year-on-year, while it decreased by 0.5 percent quarter-on-quarter. Government activities also rose by 2.5 percent 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 percent year-on-year, thus contributing 35.2 percent to the national GDP. “The non-oil economic activities outside the government contributed with a share of 50.7 percent to GDP, with the manufacturing (excluding petroleum refining) with a share of 7.8 percent being the most important sub-category within the non-oil economy,” the report said. |
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