Saudi economy grows by 8.6% in Q3

Growth primarily driven by a 14.5% increase in oil activities
Saudi GDP
Saudi Arabia's GDP

Saudi Arabia’s General Authority for Statistics (GASTAT) announced on Monday, that the country’s real GDP increased by 8.6 percent in the third quarter compared to the same period last year. Higher energy prices have benefited Saudi Arabia, the world’s largest crude oil exporter.

According to the Authority, the growth was primarily driven by a 14.5 percent increase in oil activities, while non-oil activities increased by 5.6 percent.

The report added that real GDP increased by 2.6 percent in Q3 compared to Q2 in 2022, while oil activities grew by 5.8 percent, government services activities by 1.1 percent, and non-oil activities by 0.2 percent, during the same period.