Preliminary data issued by the General Authority for Statistics in Saudi Arabia revealed that the Kingdom’s economy grew during the fourth quarter of 2022 by 5.4% on an annual basis, as GDP growth was supported by the growth of the non-oil sector by 6.2%, while the oil sector recorded a growth of about 6.1%. %.
Saudi Arabia is the largest oil exporter, and it has ambitious plans to increase the contribution of the non-oil sector to the gross domestic product, and Prince Mohammed bin Salman, the Saudi Crown Prince, is leading a plan for that under Vision 2030 adopted by the Kingdom to advance the country's economy.
In the past year, the Kingdom benefited from the rise in oil prices, which began to rise after the outbreak of the Russian-Ukrainian war, and the country’s gross domestic product grew by 8.7% compared to 2021, supported by the growth of oil activity by 15.4%, while the non-oil economy grew by 5.4%.
The Saudi Statistics Authority had begun publishing rapid estimates of quarterly GDP as of the third quarter of 2020, in order to provide timely information on the Saudi economy to decision-makers and users.
The authority defines rapid estimates of quarterly gross domestic product as a process of estimating the quarterly national accounts that is conducted during a short period after the end of the reference quarter when the data related to the quarter is still incomplete.
