KSA Business: Saudi GDP grows 8.6% in third quarter – Gulf Digital News

KSA Business: Saudi GDP grows 8.6% in third quarter – Gulf Digital News

Saudi Arabia has registered a real GDP growth of 8.6% y/y in the third quarter of 2022 despite a slowing global economic growth outlook, the kingdom's Ministry of Economy and Planning (MEP) has said.

Inflation was also contained at 2.9% – one of the lowest rates among the G20 nations. 

This is according to the new economic report issued by the MEP. The report will be published quarterly by the ministry to provide a regular, accurate and detailed update on the performance of both the global economy and the Kingdom’s local market.

Domestically, real non-oil GDP growth expanded by 5.9% following seven consecutive quarters of growth, a run that stretches back to the first quarter of 2021. Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the Kingdom’s non-oil GDP growth in the third quarter of 2022.

Despite persistent supply-chain bottlenecks clogging up global trade, the kingdom’s trade balance climbed by 87% to SR72 billion in August 2022. Exports to China, Japan and the US increased, while India and South Korea doubled imports of Saudi Arabian goods year-on-year as the country deepens its critical role on the international stage.

“The Ministry