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Saudi economy achieves a nine year high

Saudi economy

The Saudi economy has achieved the highest GDP growth rate in nine years, according to data issued by the Saudi General Authority for Statistics.

The authority said that the Saudi economy grew in the third quarter of 2021 at the highest rate since 2012.

The kingdom’s real GDP achieved an increase of 6.8% during the third quarter of this year, compared to what it was in the same period of the previous year 2020.

The real domestic product of oil activities in Saudi Arabia during the third quarter of 2021 achieved a positive growth of 9.0%, compared to what it was in the same period in the previous year 2020. This is due to the increase in global demand for crude oil and the kingdom’s resumption of raising its production in 2021.

Estimates revealed that the real GDP of non-oil activities achieved a positive growth of 6.2% during the third quarter of 2021 compared to what it was in the same period in the previous year 2020.

According to seasonal adjustments, the real GDP achieved during the third quarter of 2021 a positive growth rate of 5.8% compared to what it was in the second quarter of 2021.

In a related context, the United States has approved a $650m sale of air-to-air missiles to Saudi Arabia, the Pentagon announced, in what would be the Biden administration’s first major weapons deal with the Gulf kingdom.

In a statement on last Thursday, the Pentagon said the US State Department approved the sale to help Riyadh counter current and future threats.

“This proposed sale will support US foreign policy and national security of the United States by helping to improve the security of a friendly country that continues to be an important force for political and economic progress in the Middle East,” the Pentagon said.

The State Department’s bureau of political-military affairs noted in a series of tweets on Thursday that the missiles are “not used to engage ground targets”.

“We’ve seen an increase in cross-border attacks against Saudi Arabia over the past year,” it added.

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