Saudi GDP grows 8.7% in 2022 due to oil, non-oil growth
One credit-rating agency said Saudi Arabia’s GDP growth will slow down in 2023.
Saudi Arabia posted strong gross domestic product (GDP) numbers on Tuesday.
The Saudi General Authority for Statistics reported that the Saudi GDP grew by 8.7% in 2022 and 5.4% in the fourth quarter of the year. Saudi Arabia’s oil and non-oil sectors both contributed to the growth. Oil-related activities increased by 6.1%, and non-oil activities grew 6.2% throughout the year, the authority said in a press release.
Why it matters: Saudi Arabia’s GDP is increasing relatively fast compared to some other economies in the region. Egypt’s GDP increased 4.4% during the first quarter of fiscal year 2022-23, the government reported in November. Qatar’s Planning and Statistics Authority said GDP increased 4.3% year-on-year during the third quarter of 2022.
The United Arab Emirates’ GDP is closer to Saudi Arabia’s. The UAE said in December that they expect 6.5% growth in 2022, Reuters reported.
