Saudi economy grows by 8.7 pct in 2022, as per latest statistics

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Saudi Arabia’s economy grew by 8.7 percent in 2022 compared to the previous year, according to flash estimates posted by the General Authority for Statistics (GASTAT) on its official website on Tuesday, according to the official Saudi Press Agency (SPA)

According to the report, the real GDP during the fourth quarter of 2022 grew by 5.4 percent compared to Q4 of 2021, while the real GDP during 2022 grew by 8.7 percent compared to 2021.

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The results of the report indicated that the oil sector grew by 6.1 percent during the fourth quarter of the year 2022, compared to the same quarter of the previous year, 2021. The real GDP of oil activities during 2022 grew by 15.4 percent compared to the previous year, 2021.

The real GDP of non-oil activities grew by 6.2 percent compared to the same quarter of the previous year. The real GDP of non-oil activities during 2022 increased by 5.4 percent compared to last year, 2021.

The report showed that the seasonally adjusted real GDP increased by 1.5 percent during the fourth quarter of 2022 compared to the third quarter of 2022.

GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It carries out all the statistical work in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and research, analyzes data and information, and documents and archives all works of information and statistical data covering all aspects of life in Saudi Arabia from multiple sources.

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