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Saudi economy achieves its highest growth jump in 11 years

Saudi economy

Riyadh, (Business News Report)|| The Saudi economy achieved the highest growth jump in 11 years, bringing the kingdom’s real gross domestic product up by 9.9%, in the first quarter compared to the same period last year.

The General Authority for Statistics in Saudi Arabia said, in the Gross Domestic Product and National Accounts report for the first quarter of 2022, that the Saudi economy has achieved a significant increase in growth.

The authority stated that the real GDP of oil activities in the Kingdom during the first quarter of 2022 achieved a positive growth of 20.3%, compared to what it was in the same period in the previous year 2021.

While the real GDP of non-oil activities during the first quarter of 2022 achieved a positive growth of 3.7%, compared to what it was in the same period in the previous year 2021.

The results of the bulletin showed that the seasonally adjusted real GDP during the first quarter of 2022 achieved an increase of 2.6%, compared to what it was in the fourth quarter of 2021.

It is noteworthy that the General Authority for Statistics is the official and only statistical reference for statistical data and information in the Kingdom, and it implements all statistical work and technical supervision of the statistical sector.

As well as designing and implementing field surveys, conducting statistical studies and research, analyzing data and information, and all work of documenting and preserving information and statistical data that cover all aspects of life in the Kingdom from its multiple sources, recording them, classifying them, analyzing them, and extracting their statistical indicators.

In a separate context, the shares of the service sector grew by 42% in the Saudi GDP at constant prices for the year 2021.

The gross domestic product of all sectors and economic activities in the Kingdom amounted to about 2.61 trillion riyals.

According to official data, the contribution of the service sector to the GDP during 2021 is the highest since 1985, as its contribution was 42.6%.

The value of the domestic product of service activity increased by 4.7% during 2021, an increase of 49 billion riyals from levels of 1.05 trillion riyals in 2020.

The growth of the services sector came at a faster pace than the growth of the Saudi GDP at constant prices during 2021, which amounted to 3.2%, which reflects a promising future for the local sector.

The highest annual growth rate of the Saudi service sector historically was recorded in 1974, when it amounted to 35.5 percent.

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