Saudi economy grows at fastest pace in a decade on rising oil activities RIYADH: Saudi Arabia’s real Gross Domestic Product rose by 9.6% in the first three months of 2022 compared to the same period last year, according to flash estimates by the General Authority for Statistics, also known as GASTAT. Real GDP in Saudi Arabia, the biggest oil producer in the Organization of the Petroleum Exporting Countries and the world’s largest oil exporter, was driven mostly by the Kingdom’s oil activities which increased by 20.4% from a year ago. Non-oil activities and government services rose by 3.7% and 2.4%, respectively. The increase in energy prices, which has been the largest since the 1973 oil crisis, together with the war in Ukraine — which altered the global patterns of trade, production and consumption — have contributed to this record GDP growth. The Kingdom’s non-oil sector has also expanded at the fastest rate in over four years, according to the Saudi Arabia PMI survey. This has been due to new business and activity that boosted sharply as client demand recovered after COVID-19. The increase in business also came in line with Vision 2030, a reform plan that aims to diversify the country’s economic resources. According to quarterly data provided by GASTAT, GDP in Saudi Arabia grew by 2.2% in Q1 of 2022 compared to the previous quarter. Oil activities had a positive quarterly increase of 2.9%, non-oil activities by 2.5%, while government activities decreased by 0.9%. According to the World Bank, energy prices are expected to rise more than 50% in 2022, before easing in 2023 and 2024. A prolonged war in Ukraine and additional sanctions on Russia could drive prices even higher in the near future, however. Saudi Arabia therefore is one of few countries that will be able to ramp up its production capacity, influencing the country’s GDP even more. Source: Arab News 2022-05-04 11:56:29 https://www.ld-export.com/upload/ld-export-ea2119-large.jpg
Saudi economy grows at fastest pace in a decade on rising oil activities

Geplaatst op woensdag 04 mei 2022. Leestijd : 3 minuuts

Saudi economy grows at fastest pace in a decade on rising oil activities

RIYADH: Saudi Arabia’s real Gross Domestic Product rose by 9.6% in the first three months of 2022 compared to the same period last year, according to flash estimates by the General Authority for Statistics, also known as GASTAT.

Real GDP in Saudi Arabia, the biggest oil producer in the Organization of the Petroleum Exporting Countries and the world’s largest oil exporter, was driven mostly by the Kingdom’s oil activities which increased by 20.4% from a year ago.

Non-oil activities and government services rose by 3.7% and 2.4%, respectively.

The increase in energy prices, which has been the largest since the 1973 oil crisis, together with the war in Ukraine — which altered the global patterns of trade, production and consumption — have contributed to this record GDP growth.

The Kingdom’s non-oil sector has also expanded at the fastest rate in over four years, according to the Saudi Arabia PMI survey.

This has been due to new business and activity that boosted sharply as client demand recovered after COVID-19.

The increase in business also came in line with Vision 2030, a reform plan that aims to diversify the country’s economic resources.

According to quarterly data provided by GASTAT, GDP in Saudi Arabia grew by 2.2% in Q1 of 2022 compared to the previous quarter. Oil activities had a positive quarterly increase of 2.9%, non-oil activities by 2.5%, while government activities decreased by 0.9%.

According to the World Bank, energy prices are expected to rise more than 50% in 2022, before easing in 2023 and 2024.

A prolonged war in Ukraine and additional sanctions on Russia could drive prices even higher in the near future, however. Saudi Arabia therefore is one of few countries that will be able to ramp up its production capacity, influencing the country’s GDP even more.

Source: Arab News

Contact us

info@ld-export.com +352 264 59 378

ONZE EUROPESE KLANTEN

Contact


Nous rassemblons et traitons les données à caractère personnel reçues de votre part via ce formulaire dans le cadre de la gestion de nos clients, de notre comptabilité et de notre marketing direct. En remplissant ce formulaire, vous donnez expressément votre accord à ce traitement (cochez la case « opt-in » ci-dessous). Vos données à caractère personnel ne seront transmises et conservées que dans la mesure et la durée rendues nécessaires par les finalités susnommées. Vous avez un droit de consultation, rectification, suppression et regard sur ces données. Le responsable du traitement est l’entreprise LD Export (38/16, Duarrefstrooss , 9990 Weiswampach). Pour de plus amples informations, vous pouvez consulter notre Data Protection Notice sur notre site Internet https://www.ld-export.com/fr/mentions-legales.html.