Saudi Arabia’s real GDP increased by 6.8% in the third quarter of 2021 compared to the same period in 2020, according to the General Authority for Statistics.
The authority claimed in a report that this significant growth is attributed to some causes, including:
- As a result of the increased worldwide demand for crude oil, oil activity increased by 9%.
- Kingdom’s resumption of raising its production in 2021,
- Government activities increased by 2.7%.
According to the authority, the growth rate in the third quarter of this year is the highest growth rate since 2012.
According to earlier Saudi Finance Ministry figures, the Saudi economy is the largest in the Arab world.
Figures declared that in the third quarter of the current year, it had a budget surplus of 6.7 billion riyals ($1.79 billion).
The rating agency Moody revised Saudi Arabia’s outlook to “stable” this month, and kept the country’s rating at “A1”.