Saudi Press

Saudi Arabia and the world
Monday, Jul 14, 2025

Saudi economy registers highest growth rate in 10 years

Saudi economy registers highest growth rate in 10 years

The Saudi economy registered the highest growth rate among G20 countries last year, official statistics show.
Saudi Arabia's gross domestic product (GDP) grew by 8.7% in 2022, exceeding the international forecasts, which put it at maximum of 8.3.%.

The current growth rate is the highest annual rate in a decade, according to figures issued by the General Authority for Statistics (GASTAT) on Thursday. The GDP report and national accounts indicators for the 4th quarter of 2022 confirmed the data.

In the same context, GASTAT announced that the Saudi GDP crossed, at current prices, the $1 trillion mark in 2022 — for the first time in history. Various activities contributed to achieving this record.

All economic activities registered positive growth rates during the year. The contribution of crude oil and natural gas activities reached 32.7%, followed by government services at 14.2%, manufacturing activities except oil refining at 8.6% and wholesale and retail trade activities, restaurants and hotels at 8.2%.

The policies adopted by Saudi Arabia to support the national economy have contributed to diversifying its sources and provided an appropriate environment to achieve GDP growth in all its components during the past year. These economic and financial reforms, the Saudi vision programs and initiatives, and major projects, in addition to investment opportunities for development funds and the private sector.

The results revealed positive growth in non-oil activities at 5.4% in 2022 with the transportation, storage, and communications activities making the highest growth in non-oil sector at 9.1%, followed by manufacturing activities, except oil refining, at 7.7%.

During the 4th quarter of 2022, the report revealed that real GDP increased by 5.5% compared to the same period the previous year, as non-oil activities increased by 6.2% compared to the same period of the previous year.

The report also showed real GDP growth of oil activities during the 4th quarter of 2022, which stood at 6.1% compared to the case same period in 2021, while the seasonally adjusted real GDP increased by 1.3%, during the 4th quarter of 2022, compared to the 3rd quarter of the same year.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
×