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Saudi economy grows by 8.7 pct in 2022, exceeds estimates of international organizations

Saudi economy exceeds estimates of international organizations to grow by 8.7% in 2022

During the year 2022, the Saudi economy achieved growth in the gross domestic product of 8.7%, as this rate is the highest growth rate among the G20 countries during this year, despite the complex economic conditions and challenges experienced by the countries of the world.


In 2022 Saudi Arabia’s GDP at current prices has reached more than $1 trillion 2022.


This growth exceeded the expectations of international organizations, which reached a maximum of 8.3%.


The current growth rate is the highest annual rate in the last decade, according to what was issued by the General Authority for Statistics today (Thursday) according to the GDP report and national accounts indicators for the fourth quarter of 2022.


The General Authority for Statistics announced that the gross domestic product, at current prices, amounted to more than one trillion US dollars in 2022.


It is the first time that the gross domestic product in Saudi Arabia has achieved this total value, supported by the diversity of activities that contributed to achieving it.


All economic activities achieved positive growth rates during the year 2022, as the contribution of crude oil and natural gas activities reached 32.7%.


The activities of government services grew by 14.2%, followed by the activities of manufacturing industries except for oil refining by 8.6%, then the activities of wholesale and retail trade, restaurants, and hotels with a contribution of 8.2%.


The policies adopted by Saudi Arabia to support the national economy contributed to diversifying its sources and providing the appropriate environment to achieve the growth witnessed by the gross domestic product with all its components during the past year.



The results of the report revealed a positive growth in non-oil activities by 5.4% during 2022.


Transportation, storage, and communications activities reached the highest growth rates in non-oil activities by 9.1%, followed by manufacturing activities, except for oil refining, by 7.7%.



Non-oil activities increased by 6.2% compared to the same period in the previous year.


The report also showed that the real GDP of oil activities during the fourth quarter of 2022 grew by 6.1% compared to what it was in the same period in the previous year 2021.

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