Riyadh: In the last quarter of 2022, the GDP rate of Saudi Arabia has increased by 5.4 percent. When compared to the same period in 2021, the report shows that Saudi economic growth showed an increase in the last quarter of last year. Saudi Arabia has achieved high economic growth from the non-oil sector. The report was released by the General Authority of Statistics.
Saudi Arabia’s non-oil economic income grew by 6.2 percent in the last quarter of last year. At the same time, the economic growth from the oil sector is 6.1 percent during the same period. Economic growth from government activities rose 1.8 percent during the same period, the report said. Compared to the third quarter of 2022, Saudi Arabia’s GDP growth rate was 1.5 percent in the fourth quarter.
The General Statistics report points out that the increase in the GDP rate in each quarter of 2022 is due to the rise in income from the non-oil sector. The sector achieved a growth of 1.7 percent during this period. According to reports, economic growth from government sector activities is 0.5 percent. The report points out that economic growth from the oil sector has slowed to 0.3 percent last year.
General Statistics had earlier reported that the Saudi GDP growth rate of 8.7 percent in 2022. The Saudi GDP rate in 2021 was reported to be 3.2 percent. In 2022, the revenue from the non-oil sector grew by 5.4 percent. Whereas in 2021, the revenue from this sector was only 2.2 percent.
STORY HIGHLIGHTS: Saudi Arabia’s real GDP grows by 5.4% in Q4 2022: GASTAT