Saudi Arabia’s Q3-22 real GDP jumps 8.6% – Flash estimates

Faisal Al Nasser

Higher GDP is mainly attributed to a 14.5% hike in oil activities during Q3-22

Staff Writer, Mubasher

November 1, 2022

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The real gross domestic product (GDP) of Saudi Arabia increased by 8.6%% year-on-year (YoY) in the third quarter (Q3) of 2022, according to flash estimates by the General Authority for Statistics (GaStat).

Higher GDP is mainly attributed to a 14.5% hike in oil activities during Q3-22. Furthermore, Non-oil activities soared by 5.6% YoY in Q3-22, while government services activities grew by 2.4% YoY.

On a quarterly basis, the oil activities jumped by 5.8% in Q3-22, compared to a 4.8% rise in Q2-22, while the government services activities grew by 1.1%, higher than 0.2% in the previous quarter.

Meanwhile, the non-oil activities edged up by 0.2% in the July-September 2022 period, versus a 0.4% decline in April-June 2022.

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