Turn on more accessible mode
Turn off more accessible mode
Home
|
Media Center
|
Careers
Personal
Accounts
Loans
eBanking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
Tutorials
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Awards
BBK awarded for distinguished Corporate Governance practices
Bahrain’s pioneer in commercial and retail banking
BBK wins first place for excellence in Corporate Governance practices
BBK wins Bahrain eContent Award
BBK newsletter
CINET
BBK Press releases
Latest News
Archives
Financial News
Latest News
Archives
Internet Banking
Retail login
Help
|
Alert
What do you want to do?
Select here
Access Retail Internet Banking
Home
Media Center
Financial News
Archives
Archives
08-05-23
KSA's Real GDP Grows by 3.9 Percent YoY in Q1 2023, Non-Oil Sector
(MENAFN) According to data issued by the General Authority for Statistics, Saudi Arabia's real gross domestic product (GDP) grew by 3.9 percent year-on-year in the first quarter of 2023. This growth was driven by the non-oil sector, which saw activities increase by 5.8 percent between January and March, while government services grew by 4.9 percent, and the oil industry by 1.3 percent. These positive trends continued into April, with the Riyad Bank Saudi Arabia Purchasing Managers' Index report indicating that the Kingdom's PMI rose to 59.6 in April from 58.7 in March, albeit slightly lower than the eight-year peak in February.
However, the GASTAT report also showed a seasonally adjusted real GDP decrease of 1.3 percent in the first quarter of 2023 compared to the previous quarter. This was due to a decline in oil activities by 4.8 percent, while the non-oil sector and government services activities grew by 1.5 percent and 1.1 percent, respectively. Additionally, the real GDP in the first quarter slipped compared to the annual 5.4 percent growth recorded between October and December of 2022.
During the fourth quarter of last year, non-oil and oil activities picked up 6.2 percent and 6.1 percent, respectively. Government services activities inched up by 1.8 percent in the fourth quarter of last year compared to the same quarter in 2021. Overall, the Saudi Arabian economy advanced by 8.7 percent in 2022, fueled by a 15.4 percent surge in oil activities, compared to 3.2 percent in 2021.
The data suggests that while the Saudi Arabian economy is still largely reliant on the oil industry, the non-oil sector and government services are showing signs of growth and resilience. This is in line with the Kingdom's efforts to diversify its economy and reduce its dependence on oil revenues, as outlined in the Vision 2030 plan. Despite the slight drop in GDP in Q1 2023, the overall positive trend in the Saudi Arabian economy bodes well for its future growth and development.
MENAFN08052023000045014228ID1106195691
View complete sitemap
Personal
Accounts
Loans
Mortgage
eBanking
ATM
Internet Banking
SMS Banking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
LCR Reports
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
BBK tariffs
Tutorials
Customer Protection
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Follow us