Saudi Arabia’s real gross domestic product (GDP) increased by 9.9% during the first quarter (Q1) of 2022, compared to the same period the previous year, the General Authority for Statistics (GASTAT) reported.
The GASTAT's report also revealed that the seasonally adjusted real GDP in the Kingdom rose by 2.6% during the Q1 this year, compared to the same period in 2021.
The economic growth is attributed to the significant increase achieved by oil activities during the quarter, compared to the same period of the previous year. The rate of increase in the sector is estimated to be 20.3%, the GASTAT clarified.
Meanwhile the real GDP growth rate of non-oil activities reached 3.7% on an annual basis, and 0.9% on a quarterly basis.
The government activities recorded a growth of 2.4% on an annual basis, while it witnessed a decline of 0.9% on a quarterly basis.
As for the Kingdom's exports, it witnessed an increase during the Q1, reaching 22.1% on an annual basis and 3.6% on a quarterly basis, the GASTAT said, adding that the imports increased by 20.4% on an annual basis and 10.1% on a quarterly basis.