Riyadh, Saudi Arabia—Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to the same period last year, driven by an increase in oil activities, according to a report released by the kingdom’s General Authority for Statistics (GASTAT).
GASTAT noted that the real GDP growth in the third quarter was up 2.1 percent compared to the second quarter of this year.
Media reports said oil activities in the third quarter increased 14.2 percent year-on-year, and 4.5 percent quarter-on-quarter. It added that non-oil activities in the kingdom also grew six percent year-on-year, while it decreased by 0.5 percent quarter-on-quarter.
Government activities also rose by 2.5 percent in the third quarter compared to the same period a year ago.
The GASTAT report added that crude petroleum and natural gas grew by 14.8 percent year-on-year, thus contributing 35.2 percent to the national GDP.
“The non-oil economic activities outside the government contributed with a share of 50.7 percent to GDP, with the manufacturing (excluding petroleum refining) with a share of 7.8 percent being the most important sub-category within the non-oil economy,” the report said.
An economic report issued by the MEP—the ministry will publish such reports quarterly on domestic and global economic updates—in November said the real non-oil GDP growth expanded by 5.9 percent.
The report said the kingdom recorded growth for six consecutive quarters.
Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the kingdom’s non-oil GDP growth in the third quarter of 2022.
The ministry said that “despite persistent supply-chain bottlenecks clogging up global trade”, the kingdom’s trade balance climbed by 87 percent to SAR 72 billion ($19.15 billion) in August 2022.
Exports to China, Japan and the US increased, while India and South Korea doubled imports of Saudi Arabian goods year-on-year.