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Saudi economy expands in third quarter at highest rate since 2012

Saudi economy expands in third quarter at highest rate since 2012

Saudi economy expands in third quarter at highest rate since 2012

Image: Arab News

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CAIRO: The Saudi economy expanded by an annual rate of 7 per cent in the third quarter of this year driven by higher oil production, Arab News quoted the data released by Gastat.

This is the highest yearly growth rate since 2012.

Growth was also upwardly tweaked to 7 per cent compared to an initial estimate of 6.8 per cent. The economy grew by a lower 1.9 per cent in the previous quarter.

Oil activities surged by a yearly rate of 9.3 per cent in the third quarter, the highest in 10 years, fuelled by larger global oil demand. This is compared to a decline of 7 per cent in the second quarter.

Growth in the production of non-oil activities eased to 6.3 per cent, lower than the previous quarter’s 9 per cent.

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GDP per capita in the kingdom was valued at SR22,883 ($6,100) in the third quarter, reflecting a growth of about 20 per cent compared to the same period last year.

Looking at specific economic activities, petroleum refining had the highest annual expansion, recorded at 19.2 per cent. It was followed by financial, insurance and business services activities, which stood at 13.4 per cent.

The output in the sector of wholesale and retail trade and restaurants and hotels also grew at a high 10.8 per cent.

All economic activities in the Kingdom underwent a positive growth rate, the report said.

Gastat added domestic demand was strong in the third quarter as private final consumption widened by 9.7 per cent while gross fixed capital formation climbed by 13.5 per cent.

Exports were also an important contributor to the upswing in output, rising by an annual rate of 14.2 per cent. Imports grew by 8.3 per cent as well.

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On a quarterly basis, economic growth in the kingdom was 5.7 per cent in the third quarter. Oil activities were 12.7 per cent higher compared to the previous quarter while non-oil activities increased by 2.6 per cent.

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