Saudi’s Q1 GDP grows by 9.6%

The Saudi General Authority for Statistics (GASTAT) has published on its website flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022…reports Asian Lite News

GASTAT is the official and only statistical reference for statistical data and information in the Kingdom.

The flash estimates revealed that the Saudi GDP has made the highest growth rate in the past 10 years, achieving a growth rate of 9.6 percent during the first quarter of 2022, compared to the same period in 2021, driven by a significant increase in oil activities by 20.4 percent, in addition to an increase in non-oil activities by 3.7 percent and an increase in government services activities by 2.4 percent.

According to the Saudi Press Agency (SPA), the results published by GASTAT showed that the seasonally adjusted real GDP in the Kingdom grew by 2.2 percent in the first quarter of 2022 compared to the previous year. This increase was due to the positive growth in oil activities by 2.9 percent, and an increase in non-oil activities by 2.5 percent, while government services activities decreased by 0.9 percent.

Meanwhile, Saudi Arabia’s overall merchandise exports increased by 64.7% in February 2022 compared to February 2021. The value of exports amounted to SAR 108.4 billion in February 2022, up from SAR 65.8 billion in last year. This increase originated mainly from oil exports, which rose by SAR 36.8 billion or 78.1% in the same period.

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According to the International Trade Report for February 2022 released by the General Authority for Statistics (GASTAT), non-oil exports increased by 31.0% year-on-year in February 2022, rising to SAR 24.4 billion from SAR 18.7 billion in February 2021. Non-oil exports decreased compared to January 2022 by SAR 0.2 billion or 0.7%.

Saudi Arabia’s merchandise imports increased by 18.2% (SAR 7.4 billion) in February 2022. The value of imports amounted to SAR 48.3 billion in February 2022 compared to SAR 40.8 billion in February 2021.