Press Dossier    By Date   11/03/2023 Saudi Arabia’s GDP rises 5.5% in 2022 Q4

Arab News, Saturday, Mar 11, 2023 | Sha'ban 19, 1444

​​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 decade. 

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 “robust.”

Female participation

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.

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