Arab News, Saturday, Mar 11, 2023 | Sha'ban 19,
Saudi Arabia’s GDP rises 5.5% in 2022 Q4
Saudi Arabia:The Saudi economy grew
5.5 percent in the fourth quarter of 2022 compared to the prior-year period,
estimates from the General Authority for Statistics showed on Thursday, as
non-oil activities boosted overall growth.
Non-oil activities grew 6.2 percent in the quarter
year-on-year, outperforming the increase in oil activities which grew 6.1
percent, according to the agency.
Oil and gas activities accounted for just under 30
percent of the gross domestic product in the fourth quarter as the contribution
of non-hydrocarbon sectors continued to gather momentum.
Government services activities contributed 15.2
percent to overall GDP in the fourth quarter, the second biggest contributor
after oil and gas.
The government has accelerated investments into
megaprojects and initiatives to progress Vision 2030 goals, its national
economic transformation plan, and said the Kingdom expects to record non-oil GDP
growth of 6 percent or higher over the next three to five years.
Saudi Arabia’s non-oil business sector activity
soared to its highest level in eight years in February according to a survey,
based on a strong increase in demand and an optimistic economic outlook.
Saudi Arabia, the world’s top oil exporter,
recorded real GDP growth of 8.7 percent in 2022 as higher oil prices boosted
public finances, leading to the Kingdom’s first budget surplus in almost a
However, the International Monetary Fund in
January lowered Saudi Arabia’s GDP growth forecast for 2023 to 2.6 percent on
lower expected output, although it said non-oil growth is expected to remain
Saudi Arabia’s Ministry of Industry and Mineral
Resources on Thursday revealed that the number of women working in the Kingdom’s
industrial sector rose by more than 93 percent to 63,892 by the end of 2022
compared to 33,000 at the end of 2019.
The report attributed the rise in the number of
women in the industrial sector to the improved working environment created by
the introduction of laws and effective implementation of regulations to
facilitate Saudi women making contributions to the growth of the Kingdom.
According to the statistics issued by the
ministry, the largest number of Saudi female workers in the industrial sector
are concentrated in the Riyadh region with 28,170 workers followed by 15,621 in
the Makkah region, 10,911 in the Eastern Province, 2,886 in Qassim and 2,009 in
the Madinah region.