Saudi's economy grew by 8.8% in Q3 2022 due to high non-oil and oil activities

Posted on December 19, 2022   |  

The oil-related activity grew by 14.2%, non-oil activities by 6%, and government activities recorded a growth of 2.5% on an annual basis, which drove the growth.

In quarterly comparison, the seasonally adjusted real GDP grew by 2.1 %, as oil activities grew by 4.5%, government activities by 1.5%, and non-oil activities fell by 0.5%.

The GDP at current prices soared to 1.036 trillion riyals ($275.53 billion) in the Q3, with crude petroleum and natural gas activities contributing 35.2%, followed by government service activities, at a rate of 14.1%, then manufacturing activities, except oil refining, with a contribution of 7.8%.