Numbers.. Saudi Arabia economy make progress in 2022

Saudi Arabia's gross domestic product grew by 5.4 percent in the fourth quarter of 2022, compared to the same period in 2021, driven by a significant increase in non-oil activities.

It is the highest in 11 years, when it recorded a 10 percent growth in 2011.

Non-oil activities in the Kingdom increased

  According to the latest report issued by the General Authority for Statistics, non-oil activities in the Kingdom increased by 6.2 percent year-on-year in the fourth quarter of 2022, while oil activities increased by 6.1 percent during the same period.

The report added that government service activities increased by 1.8% in the fourth quarter of last year, compared to the same quarter of 2021.

Economy of the Kingdom of Saudi Arabia  

According to the General Authority for Statistics report, the economy of the Kingdom of Saudi Arabia grew by 8.7 percent in 2022, compared to 3.2 percent recorded in 2021, driven by the growth of oil activities by 15.4 percent.

In 2022, non-oil activities and government service activities increased by 5.4 percent and 2.2 percent, respectively.

  the Saudi economy had contracted for seven consecutive quarters in conjunction with the outbreak of the Corona epidemic, then growth returned as of the second quarter of 2021 by 1.9 percent, then 7 percent in the third quarter, and 6.7 percent in the fourth quarter.

According to the IMF report on global economic growth prospects issued on Tuesday, the fund lowered its forecast for Saudi gross domestic product growth by 1.1 percentage points to 2.6 percent in 2023, and expected the kingdom to grow by 3.4 percent in 2024.