Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Saudi Arabia’s GDP grows 8.7 percent in 2022, reaches $1 trillion for first time

  • GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent.
  • Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent).

Dubai, UAE – Saudi Arabia’s GDP grew at 8.7 percent in 2022, which is the highest in the Group of Twenty (G20) nations and higher than projections of several international organizations that had estimated the kingdom’s economy to grow at a maximum of 8.3 percent.

The growth rate is also the highest annual rate in the past decade, according to the General Authority for Statistics (GASTAT), which said Wednesday that the GDP at current prices reached more than $1 trillion in 2022 for the first time.

GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent, government services activities 14.2 percent, manufacturing activities except oil refining 8.6 percent and wholesale and retail trade, restaurants and hotels 8.2 percent.

The GDP growth rate was the highest among the G20 nations.

Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent) followed by manufacturing activities excluding oil refining by 7.7 percent.

In the fourth quarter, the real GDP increased by 5.5 percent compared to the same quarter of the previous year, as non-oil activities rose by 6.2 percent compared to the same period of the previous year

The real GDP of oil activities during the fourth quarter of 2022 grew by 6.1 percent compared to the same period of the previous year 2021, while the seasonally adjusted real GDP increased by 1.3 percent during the fourth quarter of 2022, compared to Q3 2022