The Saudi economy achieved GDP growth of 8.7% during the past year, which is the highest growth rate among the G20 countries during this year despite the complex economic conditions and challenges experienced by the countries of the world, exceeding the expectations of international organizations, which reached at most estimates of 8.3%, while the current growth rate is the highest annual rate in the last decade, according to the General Authority for Statistics today according to the GDP report and national accounts indicators for the fourth quarter of 2022.
In the same context, <a style="color: #993300;" href="https://stats.gov.The General Authority for Statistics that the GDP at current prices reached more than one trillion US dollars in 2022, which is the first time that the GDP in Saudi Arabia achieved this total value supported by the diversity of activities that contributed to its achievement, as all economic activities achieved positive growth rates during 2022, where the contribution of crude oil and natural gas activities amounted to 32.7%, followed by government services activities at 14.2%, followed by manufacturing activities excluding oil refining at 8.6%, and wholesale and retail trade, restaurants and hotels at 8.2%. It is noteworthy that the policies taken by the Kingdom to support the national economy have contributed to the diversification of its sources and provide the appropriate environment to achieve the growth of GDP in all its components during the past year, as economic and financial reforms, as well as the vision programs, initiatives and major projects, in addition to providing more investment opportunities for development funds and the private sector.
The results of the report revealed that the Kingdom's manufacturing sector, excluding oil refining, contributed 8.6%. The results of the report revealed a positive growth in non-oil activities by 5.4% during 2022, with transportation, storage and communication activities reaching the highest growth rates in non-oil activities by 9.1%, followed by manufacturing activities excluding oil refining by 7.7%.
Within the fourth quarter, the report revealed a positive growth in non-oil activities by 5.4%. <In the fourth quarter of 2022, the report revealed that real GDP increased by 5.5% compared to the same quarter of the previous year, as non-oil activities achieved an increase of 6.2% compared to the same period of the previous year, and the report showed that the real GDP of oil activities during the fourth quarter of 2022 grew by 6.1% compared to the same period of the previous year 2021, while the seasonally adjusted real GDP during the fourth quarter of 2022 achieved an increase of 1.3% compared to the third quarter of 2022.
The report also showed that the real GDP of oil activities during the fourth quarter of 2022 increased by 6.2% compared to the same period of the previous year. <The General Authority for Statistics is the official and sole statistical reference for statistical data and information in the Kingdom, and carries out all statistical work, technical supervision of the statistical sector, designing and implementing field surveys, conducting statistical studies and research, analyzing data and information, and all documentation and preservation of statistical information and data that cover all aspects of life in the Kingdom from its multiple sources, recording, tabulating, analyzing, and extracting its statistical indicators.
