Saudi Press

Saudi Arabia and the world
Thursday, Mar 23, 2023

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.

Related Articles

Saudi Press
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Banking regulators close SVB, the largest bank failure since the financial crisis
Watch: “They are wounded but unbowed, unbreakable.”
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Saudi Arabia To Introduce Yoga In Universities
Middle East real estate market to see strong growth in 2023, predicts CBRE.
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Saudi Aramco, the energy giant, has acquired Valvoline Inc., a US-based oil company, for $2.65 billion
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
When it comes to Tesla vs Lamborghini, an empty vessel makes more noise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
North Korea test-fires an intercontinental ballistic missile into the Sea of Japan west of Hokkaido
Tucker Carlson called Trump a 'demonic force'
US bombed Nord Stream gas pipelines, claims investigative journalist Seymour Hersh
Sheikh Jassim Bin Hamad Al Thani bid in for 100% of Manchester United
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake