KSA Business: Saudi Arabia’s real GDP grows 8.8pc in Q3 driven by oil – Gulf Digital News

KSA Business: Saudi Arabia’s real GDP grows 8.8pc in Q3 driven by oil – Gulf Digital News

Saudi Arabia’s real gross domestic product grew by 8.8% in the third quarter of 2022 compared to the same period last year driven by an increase in oil activities, according to a report by the General Authority for Statistics (GASTAT).

GASTAT noted that the real GDP growth in the third quarter was up 2.1% compared to the second quarter of this year, a WAM report said.

According to the report, carried by Arab News, oil activities in the third quarter increased 14.2% year-on-year, and 4.5% quarter-on-quarter.

Non-oil acitivities

The report further pointed out that non-oil activities in the kingdom also grew 6% year-on-year, while it decreased by 0.5% quarter-on-quarter.

Government activities also rose by 2.5% in the third quarter compared to the same period a year ago.

The GASTAT report further noted that crude petroleum and natural gas grew by 14.8% year-on-year, thus contributing 35.2% to the national GDP.

“The non-oil economic activities outside the government contributed with a share of 50.7% to GDP, with the manufacturing (excluding petroleum refining) with a share of 7.8% being the most important sub-category within the non-oil economy,” the report said.-- TradeArabia News Service