Saudi GDP grows 8.6% in Q3‎

Saudi Arabia recorded a growth in its real GDP by 8.6% in the ‎third quarter of 2022, compared to the same period last year, ‎coinciding with a moderate inflation rate at 2.9%, which is ‎among the lowest rates among the G20 countries.‎

This came according to the new version of the economic report ‎issued by the Ministry of Economy and Planning, where real ‎non-oil GDP growth expanded by 5.9% after six consecutive ‎quarters, and the manufacturing sector, wholesale and retail ‎trade, restaurants and hotels, construction and transportation ‎were among the main contributors to the growth of the ‎Kingdom’s non-oil GDP in the third quarter of 2022.‎

Despite the continuous bottlenecks in supply chains that ‎impede global trade, the Kingdom’s trade balance increased to ‎‎72.7 billion riyals in August of 2022, with a growth rate of 87% ‎on an annual basis, and exports to China, Japan and the United ‎States increased, in When India and South Korea doubled their ‎imports of Saudi goods on an annual basis, with the Kingdom ‎strengthening its vital role on the international scene.‎

The Minister of Economy and Planning, Faisal bin Fadel Al-‎Ibrahim, stressed that the quarterly report of the Ministry of ‎Economy and Planning is a milestone in its quest to become ‎more transparent by providing access to the latest data and ‎statistics on the economic performance of the Kingdom. ‎Achieving Saudi Vision 2030, and striving to find sustainable ‎diversification, which is important to achieving prosperity.‎

‎”Looking forward, our growth prospects remain strong, and ‎investors should be optimistic about the economy’s ‎performance in the near term, supported by the improvement ‎of the non-oil sector, and the Kingdom’s increasing ability to ‎attract talent, develop tourism, and invest,” he added. They ‎will support the resilience of the economy to be stronger, at a ‎time when the global economic landscape is affected by ‎multiple crises.‎

The quarterly economic report issued by the Ministry of ‎Economy and Planning aims to provide a comprehensive ‎overview of the economy by covering eight categories: real ‎GDP, monetary policy, fiscal measures, economic ‎diversification, financial markets, households, investment and ‎trade, and labor markets. Where data is obtained from various ‎government sources, most notably the General Authority for ‎Statistics, the Saudi Central Bank and the Ministry of Finance, ‎in addition to international institutions.‎