Riyadh – Mubasher: Saudi Arabia’s real gross domestic product (GDP) enlarged by 8.7% year-on-year (YoY) in 2022, according to flash estimates by the General Authority for Statistics (GaStat).

The report attributed the higher GDP to a 15.4% hike in oil activities last year when compared with 2021.

Non-oil activities soared by 5.4% YoY in 2022, while government services activities grew by 2.2% YoY.

Saudi GDP in Q4-22

The Kingdom registered an annual rise of 5.4% in real GDP during the fourth quarter (Q4) of 2022, driven by a 6.2% YoY jump in oil activities.

During the October-December 2022 period, the activities of the non-oil sector as well as government services widened by 6.1% YoY and 1.8% YoY, respectively.

On a quarterly basis, the seasonally adjusted real GDP went up by 1.5% in Q4-22 when compared to a surge of 8.6% in Q3-22, while the non-oil activities increased by 1.7% from the July-September 2022 period.

The Q4-22 government services activities rose by 0.5% from Q3-22, while oil activities edged down by 0.3%.