Rising crude oil prices boost Saudi economy

Saudi Arabia's GDP grows by 8.6% in Q3 2022

AFP/FAYEZ NURELDINE - Saudi Arabia's Crown Prince Mohammed bin Salman

Saudi Arabia's gross domestic product (GDP) grew by 8.6 % during the third quarter of 2022, compared to the same period last year, mainly thanks to the Arab country's oil activities and rising crude oil prices. 

Saudi Arabia's General Authority for Statistics (GASTAT) said in a statement that revenue generated in the third quarter was 301 billion Saudi rials (about $80.108 billion), while expenditure amounted to 287.7 billion rials (about $76.569 billion). 

The country achieved a surplus of 14.1 billion rials (about USD 3.752 billion) in this period. This is because, according to GASTAT, real GDP of oil activities in the kingdom achieved a positive growth of 14.5% in the third quarter of the year, while real GDP of non-oil activities recorded an increase of 5.9% compared to the same quarter of 2021.

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