Saudi: GDP in Q3 hits the highest growth since 2012
The Saudi economy grew in the third quarter of 2021 by the fastest pace since 2012 as the country’s oil output grew over the last year.
The Kingdom’s real GDP grew at an annual rate of 6.8 percent in the third quarter compared to negative growth of 4.5 percent a year ago. Oil activities went up by an annual rate of 9 percent in Q3 2021, following a drop of 7 percent in the previous quarter. This was the first increase in the annual rate of growth in oil activities since the first quarter of 2019.
Growth in non-oil activities eased to 6.2 percent in this year’s third quarter, following a higher 11.1 percent expansion in the previous quarter. The output of government activities went up by 2.7 percent compared to 0.4 percent in the second quarter.
