Saudi Gazette report

RIYADH — The real Gross Domestic Product (GDP) in Saudi Arabia recorded an increase by 8.8% during the third quarter of 2022, compared to the same period in 2021, the General Authority for Statistics (GASTAT) announced.

GASTAT said in its report that the growth was mainly due to the high increase achieved in oil activities by 14.2%, and the non-oil activities by 6.0% during the Q3 of 2022 compared to the same period in 2021, noting that the government activities have also recorded a growth of 2.5% on an annual basis.

While compared to the Q2 of 2022, the seasonally adjusted real GDP has recorded an increase, reaching 2.1% on a quarterly basis, as the oil activities grew by 4.5%, and the government activities raised by 1.5%. while the non-oil activities have witnessed a decrease by 0.5% on a quarterly basis.

Moreover, the exports surged by 19.7% on an annual basis and 3.3% on a quarterly basis, GASTAT reported, adding that the government final consumption expenditure has also grown by 9.8%on an annual basis, and by 1.2% on a quarterly basis.

The private final consumption expenditure raised by 3.3% on an annual basis, and by 1.8%on a quarterly basis.