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Third quarter oil business increased 14. 2 year-over-year
Saudi Arabia’s genuine gross domestic product (GDP) grew 8. 8% in the third quarter of 2022, at the same time last year, according to a new report.
The expansion of real GDP in the third quarter was 2. 1% higher than the current quarter of the year, revealed a report by the General Statistics Authority (GASTAT).
To see the resultadoshttps://t. co/HObPo13uBD pic. twitter. com/LdHar5CKNh
– الهيئة العامة للإحصاء (@Stats_Saudi) December 11, 2022
Oil activities in the third quarter grew 14. 2 year-on-year and 4. 5 quarter-on-quarter. Meanwhile, non-oil activities in the kingdom grew 6 year-on-year but declined 0. 5 quarter-on-quarter.
“All economic activities recorded positive annual expansion in the third quarter of 2022. Crude oil and herbal fuel activities grew at a year-over-year high of 14. 8% (5. 2% year-on-year), followed by production oil refining activities with an expansion of 11% year-on-year, while they declined 2. 3% year-on-year. Transportation, garages and communications activities grew 9% year-on-year,” the report said.
Government activities also increased 2. 5% in the third quarter from the same era a year ago. Crude oil and herbal fuel grew 14. 8% year-on-year, contributing 35. 2% to national GDP.
“Non-oil economic activities outside the government contributed 50. 7% of GDP, with production (excluding oil refining) accounting for 7. 8% being the largest subcategory within the non-oil economy,” the report says.
Saudi Arabia raised its budget surplus forecast for next year from projections made just 3 months ago. The government’s most recent fiscal outlook showed that it now expects to post a surplus of SAR 16 billion in 2023, almost double a previous estimate of SAR 9 billion.
Read: Saudi Arabia forecasts budget surplus in 2023
Revenues are now expected to reach SAR 1. 13 trillion, higher than expected in the past, while next year’s spending is expected to rise to SAR 1. 114 trillion, unchanged from the government’s estimate published in September.
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