The Clap
Saudi real GDP grew 8.8% in Q3 2022 compared to the same period in 2021, the best quarterly performance in 13 years due to a significant increase in oil-related activities.
What
The General Authority for Statistics revealed that oil activities grew 14.2% annually in Q3 2022.
Non-oil activities grew by 6%, and government activities grew by 2.5% YoY.
So What
Saudi Arabia expects to record a budget surplus for the second time in a row in 2023, despite the uncertainty prevailing in the global economic environment and the decline in oil prices.
Now What
The Saudi economy recorded a growth rate of 3.2% in 2021, the highest in more than 10 years, and high growth rates during H1 2022.
