The Saudi economy grew by 8.8% in the third quarter of the year compared to the same period in 2021 mainly due to the increase in oil-related activities, according to official data released on Sunday.
The Saudi General Authority for Statistics said in a statement that oil and gas-related activities grew 14.2% year-on-year in the third quarter of 2022, while the kingdom’s gross domestic product (GDP) growth has been driven by 6% by non-oil activities.
“At current prices GDP amounted to 1.036 trillion riyals (about 275.53 billion dollars) in the third quarter (…) the activities of crude oil and Gas Natural contributed 35.2%, the highest percentage of all economic activities,” the note said.
Saudi Arabia, the world’s largest oil exporter, announced last week that it had achieved its first budget surplus since 2013, estimated at about 27,128 million dollars, thanks to the rise in oil prices.
According to Saudi media, in 2013 the Saudi economy achieved a budget surplus that reached 48,000 million dollars, but since that year and until now the country registered deficits in the rest of its budgets.
The Saudi Finance Ministry also announced last week that for the 2023 budget it expects to record a surplus of $4.255 billion, with revenues of $300.51 billion.
The Saudi economy was affected by the COVID-19 collapse in oil prices, but began to recover in 2021 and is currently benefiting from rising energy prices following Russia’s invasion of Ukraine.
Saudi Arabia leads the Organization of the Petroleum Exporting Countries (OPEC), which makes up OPEC+ along with 10 external allies, including Russia.