Due to the strong growth in oil activities, the Saudi economy is growing by 8.8 percent in the third quarter of 2022

Data from the Saudi General Authority for Statistics, on Sunday, showed that oil activities grew by 14.2 percent on an annual basis in the third quarter of the year, and non-oil activities grew by 6 percent, contributing strongly to enhancing the growth of gross domestic product.

Government activities also recorded a growth of 2.5 percent year on year.

Compared to the second quarter of the same year, the Authority announced that the seasonally adjusted real GDP grew by 2.1 percent on a quarterly basis, as oil activities grew by 4.5 percent, and government activities grew by 1.5 percent.

Non-oil activities decreased by 0.5 percent on a quarterly basis.

Saudi Arabia announced last week that it expects to achieve a budget surplus for the second time in a row in 2023.

The Kingdom’s expectations of a superior achievement come despite the state of uncertainty that dominates the global economic scene and the drop in oil prices.

On the relative contribution of economic activities at current prices, the authority said that the gross domestic product at current prices amounted to 1.036 trillion riyals ($275.53 billion) in the third quarter, during which crude oil and natural gas activities achieved the highest contribution rate among economic activities at 35.2 percent, followed by service activities. Governmental activities accounted for 14.1 percent, followed by manufacturing activities, except for oil refining, with a contribution of 7.8 percent.

Finance Minister Mohammed Al-Jadaan said last week that the kingdom had revised its GDP forecast for 2022 up to 8.5 percent, from the previous rate of 8 percent. the next three to five years.

With regard to gross domestic product according to expenditure components, the authority stated in a statement, on Sunday, that gross fixed capital formation achieved the highest growth rate during the third quarter of 2022, at a rate of 42 percent on an annual basis, and 8.1 percent on a quarterly basis.

Imports also grew by 31.2 percent year on year and 5.6 percent on a quarterly basis.

Exports increased by 19.7 percent year on year and 3.3 percent on a quarterly basis.