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Record growth in Saudi Arabia’s GDP – NewsPipa

NewsPipa

RIYADH: Saudi Arabia has recorded the highest growth in Gross Development Product (GDP) in the last 3 months.

The kingdom recorded the highest growth in real gross domestic product among G20 countries at 8.6 percent in the third quarter of 2022, according to official Saudi Arabian data, according to Urdu News.

This corresponds to a median inflation rate of 2.9 percent, the lowest rate among G20 countries.

Real non-oil GDP growth rose 5.9 percent for the 6th consecutive quarter, according to a new report by the Saudi Ministry of Economy and Planning.

Manufacturing, wholesale and retail trade, restaurants and hotels, construction and transportation were the main contributors to the Saudi non-oil sector in the third quarter of 2022, the report said.

The state’s trade balance rose to 72.7 billion riyals in August, an 87 percent increase over the same period last year despite continued supply chain disruptions.

The kingdom’s exports to China, Japan and the United States have increased, while India and South Korea have doubled their imports of Saudi products on an annual basis, strengthening the kingdom’s leading role in the international arena.

Saudi Minister of Economy and Planning Faisal bin Fazl Al Ibrahim said that looking to the future, our growth prospects are strong and investors should be optimistic about the economy’s performance in the near future, supported by improvements in the non-oil sector, attracting talent, developing tourism and attracting investment in the kingdom. Increasing power helps.

Saudi Arabia is expected to grow by 7.6 percent in 2022 and 3.7 percent in 2023, according to estimates by the International Monetary Fund in its World Economic Outlook report released in October.

The World Bank predicts Saudi Arabia’s growth will surpass the IMF’s 8.3 percent in 2022, rising to 3.7 percent and 2.3 percent in 2023 and 2024, respectively.

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