Riyadh: The Saudi gross domestic product (GDP) grew by 8.8 per cent in the third quarter (Q3) of 2022 compared to the same period in the 2021.
This is mainly due to a significant increase in oil-related activities.
Data from the General Authority for Statistics on Sunday showed that oil activities grew by 14.2 per cent on an annual basis in the third quarter of 2022, while non-oil activities grew by 6 per cent, but it declined by 0.5 per cent on a quarterly basis.
The General Authority for Statistics said that growth on a quarterly basis in the Kingdom grew by 2.1 per cent n the 2021 third quarter.
Last week, Saudi Arabia said that it expects to achieve a budget surplus for the second time in a row in 2023.
It is expected that the uncertainty surrounding the global economic scene and the drop in oil prices will weigh on the revenues of the largest oil-exporting country in the world.
Saudi Arabia is the largest oil exporter in the world with a daily average of 7.4 million barrels, and the second producer in the world and the largest producer of OPEC, with a daily average of 11 million barrels.
Saudi economy is going through a phase of transformation to achieve the goals of the Kingdom’s Vision 2030. Therefore, fiscal policy works to balance between maintaining financial sustainability and accelerating the pace of economic growth rates.
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