The Saudi economy records the highest growth rate among the G20 in 2022

The Saudi economy achieved the highest growth rate, among the economies of the G20 countries, during 2022, recording a growth in GDP of 8.7 percent, exceeding the expectations of international organizations, which reached a maximum of 8.3 percent, according to what was issued by the General Authority for Statistics in Saudi Arabia.

The authority revealed that the Kingdom’s gross domestic product, at current prices, amounted to more than one trillion dollars in 2022, which is the first time that the gross domestic product achieved this total value, supported by the diversity of activities that contributed to achieving it, as all economic activities achieved positive growth rates during a year. 2022.

The contribution of crude oil and natural gas activities amounted to 32.7 percent, followed by government services activities by 14.2 percent, followed by manufacturing activities except for oil refining by 8.6 percent, then wholesale and retail trade activities, restaurants and hotels with a contribution of 8.2 percent.

The results of the report revealed a positive growth in non-oil activities by 5.4 percent during 2022. Transportation, storage and communications activities reached the highest growth rates in non-oil activities by 9.1 percent, followed by manufacturing activities, except for oil refining, by 7.7 percent.

The report also showed a growth of the real GDP of oil activities during the fourth quarter of 2022 by 6.1 percent, compared to what it was in the same period in the previous year 2021, while the seasonally adjusted real GDP during the fourth quarter of 2022 increased by 1.3 percent compared to what it was. It was in the third quarter of 2022.

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