The Surprising Economic Performance of Saudi Arabia According to International Organizations

During 2022, the Saudi economy achieved GDP growth of 8.7%, exceeding the expectations of international organizations, which peaked at 8.3%.

The General Statistics Office announced that the gross domestic product (GDP) at current prices was over one trillion US dollars in 2022, the first time that GDP in Saudi Arabia has reached such a total value, supported by a variety of activities that contributed to its achievement.

All economic activities achieved positive growth during 2022 as the share of crude oil and natural gas activities reached 32.7%, followed by public services at 14.2%, followed by manufacturing activities excluding oil refining at 8. 6%, then wholesale and retail trade, restaurants and hotels with a contribution of 1. 8.2%.

The results of the report revealed a positive growth in non-oil activities of 5.4% during 2022. Transport, storage and communications achieved the highest growth rates in non-oil activities at 9.1%, followed by manufacturing activities, excluding oil. processing, by 7.7%.

As part of the fourth quarter of 2022, the report showed that real gross domestic product increased by 5.5% compared to the same quarter of the previous year, while non-oil activities increased by 6.2% compared to the same quarter. period of the previous year.

The report also shows that the real GDP of oil activities grew in the fourth quarter of 2022 by 6.1% compared to the same period of the previous 2021, while the seasonally adjusted real GDP in the fourth quarter of 2022 increased by 1. 3% compared to what it was in the third quarter of 2022.

Source: “previously”