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.
Delegations attend the 46th ordinary session of the Council of Arab Central Banks and Monetary Authorities Governors, Jeddah, Saudi Arabia, Sept. 18, 2022.
Delegations attend the 46th ordinary session of the Council of Arab Central Banks and Monetary Authorities Governors, Jeddah, Saudi Arabia, Sept. 18, 2022. - -/AFP via Getty Images
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Adam Lucente
@Adam_Lucente

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. 

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