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Saudi economy achieves growth leaps in third quarter

Saudi economy

The Saudi economy achieved leaps of growth in the third quarter of this year, compared to the same quarter of 2020.

The General Authority for Statistics said that the gross domestic product in the Saudi economy rose by 7% in the third quarter, compared to the second quarter of 2021, when the real GDP grew by 5.7%.

The economic growth is mainly due to the increase achieved by oil activities, which amounted to 9.3% on an annual basis and 12.7% on a quarterly basis.

The growth in non-oil activities reached 6.3% on an annual basis and 2.6% on a quarterly basis, and government activities recorded a growth of 2.7% on an annual basis and 1.1% on a quarterly basis.

Saudi economy

Domestic demand witnessed a strong development in the third quarter of 2021, as private final consumption expenditures achieved a growth of 9.7% on an annual basis and 2.8% on a quarterly basis.

Gross fixed capital formation also increased by 13.5% on an annual basis and 3.6% on a quarterly basis.

External demand was one of the important growth factors in the third quarter of 2021, as exports grew by 14.2% on an annual basis and 7.3% on a quarterly basis.

Imports also achieved a growth of 8.3% on an annual basis, while they witnessed a decline of 2.8% on a quarterly basis. The government’s final consumption expenditure witnessed a decrease of 1.1% on an annual basis. It achieved a growth on a quarterly basis by 0.8%.

All economic activities witnessed positive growth rates on an annual basis. Oil refining activities achieved the highest annual growth rates by 19.2%, while they achieved 1.4% on a quarterly basis.

Financial services activities, insurance and business services, achieved an annual and quarterly growth rates of 13.4% and 12.7%, respectively.

The activities of wholesale and retail trade, restaurants and hotels achieved annual and quarterly growth rates of 10.8% and 2.7%, respectively.

Manufacturing activities, except for oil refining, witnessed an annual growth of 4.8% and a contraction of 1.6% on a quarterly basis.

Current prices

The gross domestic product at current prices amounted to 820148 million riyals in the third quarter of 2021. Non-oil activities contributed to the total value added at current prices by 48.4%.

On the other hand, oil activities contributed 32.9%, and government activities contributed 18.7%, at the level of economic activities and their contribution to the GDP.

Crude oil and natural gas activities achieved the highest contribution rate among activities, reaching 26.6%, followed by government services activities with 17.4%, then wholesale and retail trade, restaurants and hotels with a contribution rate of 9.3%.

The per capita GDP amounted to 22,883 riyals in the third quarter of 2021, an increase of 19.8% over the same quarter of 2020 and 11% over the second quarter of 2021.

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