Saudi 3Q GDP Growth at 6.8%, Highest Since 2012

Saudi 3Q GDP Growth at 6.8%, Highest Since 2012

Saudi Arabia’s economy grew 6.8% year-on-year in the third quarter, the fastest growth since 2012, official data showed on Tuesday.

“This positive growth was due to the high increase in oil activities by 9.0%; as a result of rising world demand for crude oil and the increase of Saudi production in 2021;” said the General Authority for Statistics, based on flash estimates.

“Non-oil activities increased by 6.2% and government activities increased by 2.7% year-on-year,” it added.

Seasonally adjusted real gross domestic product (GDP) grew 5.8% quarter-on-quarter on the back of a 12.9% growth in oil activities, it said.