Preliminary GDP forecast for Saudi Arabia for Q3 2022: 8.6% growth

The Saudi Bureau of Statistics released preliminary estimates showing that gross domestic product (GDP) rose 8.6% year-on-year in the third quarter of 2022 as Saudi Arabia, the world’s largest oil exporter, benefited from rising energy prices.

According to the office, the growth was mainly due to a 14.5% increase in oil activity, while non-oil activity increased by 5.6%.

Saudi Arabia reported back in September that GDP growth in the second quarter of 2022 increased by 12.2% due to higher oil prices, above the initial estimate of 11.8% from the end of July.

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