Riyadh: Saudi Arabia’s gross domestic product (GDP) grew by an average of 9.9 percent in the first quarter of 2022. This is an increase over the same period last year. This was reported by the General Authority for Statistics.
According to the General Authority for Statistics, real-time GDP grew by 2.6% in the first quarter of this year, compared to the same period in 2021.
Economic growth was driven by a significant increase in oil supplies during the quarter compared to the same period last year. Statistics show that the growth rate in this sector is 20.3%. At the same time, the real GDP growth rate of non-oil activities is 3.7 per cent on an annual basis and 0.9 per cent on a quarterly basis. Government activities grew by 2.4% year-on-year. On a quarterly basis, however, government activity declined by 0.9%.
Saudi exports grew by 22.1% year-on-year in the first quarter and 3.6% on a quarterly basis. Imports increased by 20.4% year-on-year and 10.1% on a quarterly basis, according to the General Authority for Statistics.