Saudi Arabia's economy grew 8.7% in 2022

The estimates of the General Authority for Statistics in Saudi Arabia showed, that the Kingdom’s real gross domestic product increased by 5.5% in the fourth quarter of 2022, on an annual basis.

While the seasonally adjusted real GDP grew by 1.3% in the fourth quarter of last year, compared to a quarterly basis.

oil activities

The authority attributed the growth to the increase in non-oil activities at a rate of 6.2% on an annual basis, and 1.3% on a quarterly basis, while the growth in oil activities reached 6.1% on an annual basis, while it witnessed a decrease of 0.3% on a quarterly basis.

Government activities recorded a growth of 2.9% on an annual basis, and 0.8% on a quarterly basis.

Record growth in 2022

During the year 2022, Saudi Arabia's real GDP achieved a growth rate of 8.7%, which is the fastest pace in 11 years.

The increase came from the growth of oil activities at a rate of 15.4%, and non-oil activities at a rate of 5.4%, in addition to the growth achieved by government activities by 2.6%.

Real GDP had grown by 3.9% in 2021, while I was at the previous highest rate of increase in 2011 by 11%.

The value of Saudi Arabia's real GDP recorded about 2.975 trillion riyals in 2022, which is its highest historical value, according to data from the General Authority for Statistics.

National economy

It is noteworthy that the policies adopted by the Kingdom to support the national economy contributed to diversifying its sources and providing the appropriate environment to achieve the growth witnessed by the gross domestic product with all its components during the past year.

Financial reforms

Economic and financial reforms, as well as the Vision's programs, initiatives and major projects, have contributed in addition to providing more investment opportunities for development funds and the private sector.