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ECONOMY GROWING AT FAST PACE

Saudi 2022 real GDP up 8.7pc on robust non-oil activities

RIYADH, January 31, 2023

Saudi Arabia’s real gross domestic product grew by 5.4% in the fourth quarter of 2022, compared to the same period the year before, mainly driven by a jump in non-oil sector activities, which grew at the fastest pace in more than a year, according to the General Authority for Statistics.
 
The Saudi non-oil activities surged by 6.2% year-on-year in Q4, while oil activities rose 6.1% during the same period, stated GASTAT in its latest report.
 
The real GDP of non-oil activities in 2022 posted a 5.4% growth over the previous year, while that of oil activities surged by 15.4% compared to the previous year, it added.
 
According to GASTAT report, the government services activities increased by 1.8% in the fourth quarter of last year, compared to the same quarter in 2021.
 
Compared to Q3 2022, the real GDP of Saudi Arabia grew by 1.5% in the fourth quarter.
 
This quarter-on-quarter rise in GDP was due to the growth in non-oil activities by 1.7% and government services activities by 0.5%, it added.-TradeArabia News Service 



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