The estimates of the General Authority for Statistics in Saudi Arabia showed, today, Thursday, that the Kingdom’s real gross domestic product increased by 5.5% in the fourth quarter of 2022, on an annual basis.
Seasonally adjusted real GDP grew by 1.3% in the fourth quarter from last year, compared to a quarterly basis.
The authority attributed the growth to the increase in non-oil activities at a rate of 6.2% on an annual basis, and 1.3% on a quarterly basis, while the growth in oil activities reached 6.1% on an annual basis, and witnessed a decrease of 0.3% on a quarterly basis, and government activities recorded growth. By 2.9% on an annual basis, and 0.8% on a quarterly basis.
During the year 2022, the real GDP achieved a growth rate of 8.7%, which is the fastest pace in 11 years.
The rise came from the growth of oil activities at a rate of 15.4% and non-oil activities at a rate of 5.4%, in addition to the growth achieved by government activities by 2.6%.
