Saudi Q3 GDP Reaches Highest Growth Since 2012
- Date: 09-Nov-2021
- Source: Al Bawaba
- Sector:Economy
- Country:Saudi Arabia
Saudi Q3 GDP Reaches Highest Growth Since 2012
The economy of Saudi Arabia has grown 6.8% in Q3 compared to negative growth of 4.5 percent last year, marking the country's fastest expansion pace since 2012, fueled by global energy demand recovery.
The Saudi real gross domestic product (GDP) grew 5.8% quarter-on-quarter as the Kingdom economy is picking up speed in Q3, shaking off the double whammy effect of COVID and oil demand fears.
According to the General Authority for Statistics (GASTAT), the growth of the world's top oil exporter was ''due to the high increase in oil activities by 9.0% as a result of rising world demand for crude oil and the increase of Saudi production in 2021''.
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