KSA Business: Saudi Arabia real GDP grows 6.7pc in Q4 2021 – Gulf Digital News

KSA Business: Saudi Arabia real GDP grows 6.7pc in Q4 2021 – Gulf Digital News

Saudi Arabia’s real Gross Domestic Product (GDP) grew by 6.7% in Q4 2021 compared to Q4 2020. This positive growth was to a large extent due to the increase in oil revenues (+10.9% y-o-y), said Al Rajhi Capital Research.

The non-oil revenues also increased strongly by 5.1% y-o-y, while government activities expanded by 2.4% y-o-y, according to data issued by the General Authority for Statistics.

The kingdom’s non-oil exports growth for the month of January 2022 increased by 27.5% y-o-y, compared to the increase of 56.1% y-o-y in December 2021. Segment-wise: plastics & rubbers and chemical products rose +28.9% y-o-y and +44.4% y-o-y, respectively.

Merchandise imports

Merchandise imports increased 8.1% y-o-y in January 2022 as compared to the increase of 19.4% y-o-y in December 2021. Meanwhile, China is the top export destination and also continued to be the largest import country in January 2022.

The rating agency S&P affirmed Saudi Arabia’s rating at ‘A-‘, but revised its outlook to ‘positive’ from ‘stable’, citing improving gross domestic product growth and fiscal dynamics over the medium term.

Further, The Saudi Central Bank’s monthly statistics indicated that the macro-economic conditions are healthy in the kingdom.

Money Supply

Money Supply (M3) continued to grow in February 2022 (+7.8% y-o-y) to stand at