Saudi Arabia’s economy grew by 8.8 percent in the third quarter of 2022 compared to the same period a year earlier, mainly due to a sharp increase in oil-related activity, according to official estimates released on Sunday.
Oil activities grew by 14.2 percent year-on-year in the third quarter, but GDP growth was also boosted by 6 percent growth in non-oil activities, the General Authority of Statistics data showed, though non-oil activity fell 0.5 percent quarter-on-quarter.
Saudi Arabia said last week it expects to post a second consecutive budget surplus in 2023, though down 84 percent from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues.
The statistics authority said GDP at current prices amounted to 1.036 trillion riyals ($275.53 billion) in the third quarter with crude petroleum and natural gas activities contributing 35.2 percent. The non-oil private sector contributed 50.7 percent to overall GDP.
Finance minister Mohammed Al Jadaan said last week that the Kingdom has revised its GDP forecast for 2022 upwards to 8.5 percent, from the previous 8 percent, attributing the adjustment “largely” to non-oil private sector activity which is forecast to grow around 6 percent annually over the next three to five years.