Saudi GDP growth continues on back of high oil prices
Saudi Arabia’s non-oil economy is also growing, boding well for its ambitious economic diversification projects.
Saudi Arabia’s economy is continuing to post strong numbers.
The Saudi General Authority for Statistics reported Thursday that the kingdom’s gross domestic product increase 8.8% in the third quarter of 2022 compared to the same period last year. GDP also increased 2.2% from the second quarter of 2022.
Both the oil and non-oil economies grew in the third quarter, with oil activities increasing 14.2% over last year. Non-oil activities went up 6%, according to the authority.
Why it matters: Saudi Arabia’s GDP has been increasing significantly in recent years, and grew 8.3% in 2021, which was higher than the world’s collective GDP growth rate of 6.1%. The Saudi GDP grew 12.2% in the second quarter of 2022 compared to the same quarter in 2021, the biggest yearly increase since 2011.
