The Clap
The real GDP in Saudi Arabia continued to rise, recording a growth of 8.6% YoY during Q3 2022, according to the General Authority for Statistics.
The Deets
The growth of the Saudi economy increased by 2.6% YoY in Q3.
The authority stated that the growth of the economy is due to the rise in oil activities by 14.5% on an annual basis, the rise in non-oil activities by 5.6%, and an increase in government services activities by 2.4%.
Economy Strength
The Saudi government expects to achieve an economic growth of 8% this year, while the IMF expects an economic growth of 7.6% this year.
The Saudi economy will be a candidate to record the highest growth rate among twenty countries during the current year.
So What
KSA’s GDP recorded the sixth consecutive quarterly growth during this quarter, due to the significant rise in oil prices since the beginning of this year following the Russian invasion of Ukraine.
Now What
The World Bank expected economic growth to accelerate to 8.3% this year and then decline to 3.7% and 2.3% in 2023 and 2024 respectively.
