Saudi Arabia’s economy grew by 8.8% in the third quarter of this year. That’s a growth rate over the same quarter last year. Government data indicates that all economic activity, both oil- and non-oil-related, improved during this period. (Saudi Arabia’s economy beats initial estimates with 8.8% growth in the third quarter)
The government has released data on economic growth for the three months to September. The data also indicated that the country’s gross domestic product increased by 2.1% in the third quarter. In the third quarter there was a 14.2 percent increase in economic activity linked to oil, the country’s main source of income. This figure takes into account crude oil production, natural gas production, and refining activities.
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Non-oil economic activity also increased the country’s gross domestic product by 6%. Public service activities grew by 2.5%. The country is posting the sixth consecutive quarter of economic growth after the Covid-19 pandemic slowed economic activity. Oil-related activities contribute 35.2% of Saudi Arabia’s GDP. The non-oil private sector contributes 50.7%.
Highlights of the story: Saudi Arabia’s economy beat initial estimates with 8.8% growth in the third quarter
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