Saudi Arabia’s economy grows 8.8% in Q3 2022

Riyadh / WAM

Saudi Arabia’s real gross domestic product (GDP) 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).
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.
The General Authority for Statistics is the only official statistical reference for statistical data and information in Saudi Arabia. It executes all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, and analyses data and information, in addition to documenting and archiving works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources.