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Saudi Arabia’s real gross domestic product (GDP) rose 8.8% year-on-year (YoY) in the third quarter of 2022, data issued by the General Authority for Statistics (GASTAT) showed.
The growth was driven by a 14.2% and 6.0% increase in oil and non-oil activities, respectively. The government activities also rose by 2.5% compared with a year-earlier period, the authority added.
Compared to Q2 2022, the seasonally-adjusted GDP grew by 2.1%.
According to GASTAT flash estimates, the Kingdom recorded an annual real GDP growth of 8.6%.
GDP at constant prices reached SAR 723.61 billion in Q3 2022, compared to SAR 665.23 billion in the corresponding period of 2021.
The following table shows Saudi Arabia's GDP at constant prices in Q3 2022:
|
GDP By Economic Activity at Constant Prices (SAR bln) |
|||
|
Sector |
Q3 2022 |
Q3 2021 |
Change |
|
Oil activities |
268.97 |
307.24 |
+14.2% |
|
Non-oil activities |
285.34 |
302.42 |
+6.0% |
|
Government activities |
87.02 |
89.20 |
+2.5% |
|
GDP excluding net taxes on products |
641.33 |
698.86 |
+9.0% |
|
Net taxes on products |
23.90 |
24.75 |
+3.6% |
|
GDP |
665.23 |
723.61 |
+8.8% |
The following table shows Saudi Arabia's GDP performance since 2018:
|
GDP, Real GDP Growth Rates With Seasonal Amendments |
||
|
Period |
Quarterly with seasonal amendments |
Annually |
|
Q1 2018 |
+1.4% |
+1.4% |
|
Q2 2018 |
+1.0% |
+1.6% |
|
Q3 2018 |
+1.0% |
+2.4% |
|
Q4 2018 |
+0.5% |
+4.3% |
|
Q1 2019 |
(0.9%) |
+1.7% |
|
Q2 2019 |
+0.1% |
+0.5% |
|
Q3 2019 |
(0.2%) |
(0.5%) |
|
Q4 2019 |
+0.3% |
(0.3%) |
|
Q1 2020 |
(1.3%) |
(1.1%) |
|
Q2 2020 |
(4.8%) |
(7.2%) |
|
Q3 2020 |
+0.7% |
(4.5%) |
|
Q4 2020 |
+2.1% |
(3.8%) |
|
Q1 2021 |
(1.1%) |
(2.6%) |
|
Q2 2021 |
+0.2% |
+1.9% |
|
Q3 2021 |
+5.7% |
+7.0% |
|
Q4 2021 |
+1.6% |
+6.7% |
|
Q1 2022 |
+ 2.6% |
+9.9% |
|
Q2 2022 |
+2.2% |
+12.2% |
|
Q3 2022 |
+2.1% |
+8.8% |
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