Saudi Arabia’s economy grows by 8.7% in 2022

Saudi Arabia’s economy has expanded by 8.7 per cent in 2022, initial estimates have shown.

“This increase in GDP was a result of the growth in the oil activities by 15.4 per cent, non-oil activities by 5.4 per cent and government services activities by 2.2 per cent,” the General Authority for Statistics (GASTAT) said.

#GASTAT
Saudi economy grows by 5.4% in Q4/2022 and 8.7% in 2022.

To view the results:https://t.co/o9W5Hw3ZUH pic.twitter.com/B23w5w0CN4

— الهيئة العامة للإحصاء (@Stats_Saudi) January 31, 2023

On a quarterly basis, the kingdom’s real GDP grew by 5.4 per cent during Q4 2022, compared to a year-earlier period. Oil activities grew by 6.1 per cent during the fourth quarter of 2022, while non-oil activities increased by 6.2 per cent compared to the same quarter of the previous year.

The International Monetary Fund expects Saudi’s economy to grow by 2.6 per cent in 2023.

IMF Growth Projections: 2023

USA??: 1.4%
Germany??: 0.1%
France??: 0.7%
Italy??: 0.6%
Japan??: 1.8%
UK??: -0.6%
China??: 5.2%
India??: 6.1%
Russia??: 0.3%
Brazil??: 1.2%
Mexico??: 1.7%
KSA??: 2.6%
Nigeria??: 3.2%
RSA??: 1.2% https://t.co/4ifKc9qi4j #WEO pic.twitter.com/qELAmtqXLP

— IMF (@IMFNews) January 31, 2023

The kingdom gained from the rally in oil prices last year, in the wake of the Russia-Ukraine crisis that broke out in February 2022. Oil prices crossed $120 briefly, before paring gains towards the end of the year.