Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah said that the Kingdom’s economy was the fastest growing in the world in 2022.
Bin Farhan said, on the sidelines of the Munich Security Conference 2023 in the Federal Republic of Germany, that for the first time, the Kingdom’s gross domestic product exceeded one trillion dollars.
We have a lot of positive momentum in the region and we expect in the next five years to continue to grow at similar rates.
He pointed out that this also affects the countries of the region and will have a significant positive impact, and contribute to overcoming challenges.
The data of the General Authority for Statistics in Saudi Arabia showed a growth of the real GDP of the Kingdom by 5.4% in the fourth quarter of the year 2022, compared to the same period of the year 2021.
The authority stated that this growth is due to the increase achieved by non-oil activities by 6.2%, in addition to the increase achieved by oil activities by 6.1%, and government services activities increased by 1.8%.
According to the Authority’s data, the seasonally adjusted real GDP in Saudi Arabia increased by 1.5% in the fourth quarter of last year, compared to the previous quarter of the same year 2022.
This increase is due to the growth in non-oil activities by 1.7%, as well as the increase in government services activities by 0.5%, while oil activities achieved a decrease of 0.3%.
During the past year 2022, the real GDP achieved a growth rate of 8.7% compared to the previous year 2021.
This is due to the growth of oil activities at a rate of 15.4%, while non-oil activities achieved a growth rate of 5.4%, in addition to the growth of government services activities by 2.2%.