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.