Saudi Arabia’s Gross Domestic Product increased by 9.6 percent in the first quarter of 2022 compared to the same period in 2021.Â
The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent, with government services activities growing by 2.4 percent year-on-year (YoY).
The figures showed that the seasonally adjusted real GDP in the Kingdom grew by 2.2 percent in the first quarter of 2022 compared to the previous year.Â
This was revealed by Saudi General Authority for Statistics (GASTAT) on its website flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022.
A flash estimate of quarterly GDP is defined as a process of estimating the quarterly national accounts conducted during a short period after the end of the reference quarter and is published 30 days after the end of the reference quarter when the data relating to the quarter is still incomplete.
Flash estimates are used by decision-makers, academics, and researchers who seek to obtain a long-term future view of the GDP data for economic activities. In addition, international organizations use seasonally adjusted data to make economic comparisons between different countries.