Saudi Arabia’s economy expanded by 8.8% in the third quarter of 2022 compared to the same time a year earlier. This growth was primarily driven by a strong increase in activities related to oil, according to official estimates issued on Sunday.
Oil activities increased by 14.2% year over year in the third quarter, while non-oil activities also increased by 6%, according to statistics from the General Authority of Statistics, even if non-oil activity decreased by 0.5% quarter over quarter.
Saudi Arabia said last week it expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues.
The statistics authority said GDP at current prices amounted to 1.036 trillion riyals ($275.53 billion) in the third quarter, with crude petroleum and natural gas activities contributing 35.2%. The non-oil private sector contributed 50.7% to overall GDP.
Finance minister Mohammed Al Jadaan said last week that the kingdom has revised its GDP forecast for 2022 upwards to 8.5%, from the previous 8%, attributing the adjustment “largely” to non-oil private sector activity which is forecast to grow around 6% annually over the next three to five years.