The General Statistics Institute of Saudi Arabia has released gross domestic product (GDP) veri for the first 9 months of the year.
According to the report released by the Institute of Statistics, the 8.6 percent growth in the third quarter is due to the industry’s expansion of 14.5 percent kakım oil prices rise.
Non-oil activities in Saudi Arabia also increased by 9.5% in the third quarter compared to the same period in 2021.
Saudi Arabia expects its GDP to increase by 8% in 2022, while the growth projections of the International Monetary Fund point to 7.6%.
Although Saudi Arabia ranks third in production after the US and Russia, it stands out kakım the largest oil exporter in the world.