RIYADH: 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 General Authority for Statistics.
GASTAT noted that the real GDP growth in the third quarter was up 2.1 percent compared to the second quarter of this year.
According to the report, oil activities in the third quarter increased 14.2 percent year-on-year, and 4.5 percent quarter-on-quarter.
The report further pointed out that non-oil activities in the Kingdom also grew 6 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.
GASTAT report further noted 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.
Earlier in November, a report released by the World Bank suggested that Saudi Arabia’s economy is expected to grow 8.3 percent in 2022, before moderating to 3.7 percent and 2.3 percent in 2023 and 2024, respectively.
The World Bank report added that growth in the oil sector is driving the Kingdom’s economy forward.
The International Monetary Fund also noted that Saudi Arabia will maintain its position as the fastest-growing economy among the Group of 20 countries despite economic headwinds.
In its report released in November, IMF fixed its forecast for the Saudi economy’s growth during 2022 at 7.6 percent.
Meanwhile, Saudi Arabia’s Industrial Production Index increased by 14.1 percent in October, compared to the same month a year ago.
In another report, GASTAT noted that the growth in IPI in October was driven by high production in mining and quarrying, and manufacturing activity.
In October, mining and quarrying grew by 12 percent compared to the same month last year, as the Kingdom increased its oil production to more than 10 million barrels per day in October 2022.
On the other hand, manufacturing activity increased by 23.2 percent compared to the same month of the previous year, while electricity and gas supplies decreased by 1.8 percent.
“Compared to September 2022, overall IPI increased by 0.3 percent supported by the rise in the manufacturing sector which increased by 5 percent. On the other hand, the mining & quarrying sector, and electricity and gas supplies decreased by 0.7 percent, and 11 percent respectively,” the report added.
The growth of IPI in the Kingdom turned positive in May 2021, and it has been showing steady growth since then.
According to GASTAT, IPI is an economic indicator that reflects the relative changes in the volume of industrial output.
