Riyadh – Mubasher: Saudi Arabia’s real gross domestic product (GDP) rose by 8.7% year-on-year (YoY) in 2022, flash estimates by the General Authority for Statistics (GaStat) showed.
The higher economic growth registered in 2022 is mainly backed by a 15.4% surge in oil activities.
Non-oil activities also increased by 5.4% YoY during the January-December 2022 period, while government services activities went up by 2.6% YoY.
Saudi GDP Results in Q4-22
During the fourth quarter (Q4) of 2022, the Saudi GDP surged by 5.5% YoY due to an annual jump of 6.2% in non-oil activities.
The oil activities climbed by 6.1% YoY in the October-December 2022 period, while the government services activities soared by 2.9% YoY.
On a quarterly basis, the seasonally adjusted real GDP edged up by 1.3% in Q4-22, compared to an 8.6% leap in Q3-22. The non-oil activities and government activities increased by 1.3% and 0.8%, respectively.
Meanwhile, the Kingdom's oil activities declined by 0.3% in Q4-22, compared to a 14.5% surge in July-September 2022.