Saudi’s real GDP grows 8.8% in Q3 driven by rise in oil activities
Non-oil activities in Saudi Arabia also grew by 6 per cent year-on-year
Riyadh: Saudi Arabia’s real gross domestic product (GDPP) grew by 8.8 per cent in the third quarter of 2022 compared to the same period in 2021, driven by an increase in oil activities, according to a report released by the General Authority for Statistics (GaStat).
The authority revealed 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 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 Saudi Arabia 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.