The real GDP of the Saudi economy increased by 9.9% in the first quarter of 2022 on an annual basis, according to estimates by the Saudi General Authority for Statistics.
According to Arabiya Net, on a quarterly basis, the seasonally adjusted GDP grew by 2.6%.
The authority attributed the economic growth mainly to the significant rise in oil activities, which amounted to 20.3% on an annual basis, and 2.9% on a quarterly basis. The growth in non-oil activities reached 3.7% on an annual basis, and 0.9% on a quarterly basis.
Government activities recorded a growth of 2.4% on an annual basis, while they witnessed a decrease of 0.9% on a quarterly basis.
The per capita GDP amounted to 26.96 thousand riyals in the first quarter of 2022, an increase of 33.8% from the first quarter of 2021, and 13.6% from the fourth quarter of 2021.
All economic activities witnessed positive growth rates on an annual basis, as crude oil and natural gas activities achieved the highest annual growth rates, which amounted to 20.7% and 3.5% on a quarterly basis, followed by oil refining activities with an annual growth of 17.3%. While it witnessed a decrease of 2.7% on a quarterly basis.
Also, the activities of wholesale and retail trade, restaurants and hotels achieved growth rates of 6.3% on an annual basis, and 2.5% on a quarterly basis.
