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  • 01-11-22

    KSA's GDP increases by 8.6 percent in 3Q due to uptick in oil production

    (MENAFN) According to official figures made available by the General Authority for Statistics, Saudi Arabia's real gross domestic product increased by 8.6 percent in the third quarter of this year in comparison to the same period in 2017.

    This is the sixth consecutive quarter of economic growth, although the pace is lower than it was in the previous three months, when it was 12.2 percent.

    The research states that a 14.5 percent rise in oil activity in the third quarter compared to the same time last year is what is responsible for the Kingdom's GDP growth.

    The GASTAT study also noted that in the third quarter, non-oil activities in the Kingdom increased by 5.6 percent and those related to government services increased by 2.4 percent.

    Based on the study, real GDP rose by 2.6 percent in the third quarter compared to the second quarter of the current year, while the growth rates for non-oil activities, government services, and oil activities were each 5.8 percent, 1.1 percent, and 0.2 percent respectively.

    MENAFN01112022000045014146ID1105111337

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