The real economic growth rate measures growth, as expressed by gross domestic product, from one period to another, adjusted for inflation or deflation.

The quarterly gross domestic product estimates at constant prices reached about 179.99 billion riyals ($49.43 billion) in the fourth quarter of 2022, compared to the revised fourth-quarter estimates for 2021 amounting to 166.68 billion riyals.

According to the country’s Planning and Statistics Authority, the GDP at current prices jumped to about 220.43 billion riyals in the fourth quarter of 2022, a surge of 26.2 percent compared to the final quarter of the previous year.

The nominal gross value added estimate of mining and quarrying activities increased by 43.4 percent to reach 91.25 billion riyals in Q4 of 2022, as compared to the same period a year earlier.

The data indicated that the value-added estimates at current prices for non-mining activities and quarries in the fourth quarter of last year amounted to 129.18 billion riyals, an increase of 16.4 percent compared to the revised estimates for the fourth quarter of 2021.