Money & BusinessSaudi Arabia

Saudi reports fastest economic growth rate in a decade

Saudi Arabia’s real Gross Domestic Product rose by 9.6 percent in the first three months of 2022 compared to the same period last year, according to flash estimates by the General Authority for Statistics.

Real GDP in Saudi Arabia was driven mostly by the Kingdom’s oil activities which increased by 20.4 percent from a year ago. Non-oil activities and government services rose by 3.7 percent and 2.4 percent, respectively.

According to quarterly data provided by GASTAT, GDP in Saudi Arabia grew by 2.2 percent in Q1 of 2022 compared to the previous quarter. Oil activities had a positive quarterly increase of 2.9 percent, non-oil activities by 2.5 percent, while government activities decreased by 0.9 percent.


Arab News

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