Saudi Arabia’s GDP rises by 8.6%, the Ministry of Economy and Planning reveals in Q3 2022 report

The global economy is facing one of the most tumultuous periods in recent history. As the likelihood of a global recession has increased, according to a new report from Saudi Arabia’s Ministry of Economy and Planning (MEP). 

Volatility continues to gather momentum, creating downward pressure in global markets including China, the EU, the UK, and the US. Despite a slowing economic growth outlook, the Kingdom of Saudi Arabia registered real GDP growth of 8.6% YoY in the third quarter of 2022. Inflation was also contained at 2.9% – one of the lowest rates among the G20 nations.

This is according to the new version of the economic report issued by the Ministry of Economy and Planning. They will be published quarterly by the Ministry to provide a regular, accurate and detailed update on the performance of both the global economy and the Kingdom’s local market.

Domestically, real non-oil GDP growth expanded by 5.6% following six consecutive quarters of growth, a run that stretches back to the first quarter of 2021. Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the Kingdom’s non-oil GDP growth in the third quarter of 2022.

Despite persistent supply-chain bottlenecks clogging up global trade, the Kingdom’s trade balance climbed by 87% to SAR 72 billion in August 2022. Exports to China, Japan and the US increased, while India and South Korea doubled imports of Saudi Arabian goods year-on-year as the country deepens its critical role on the international stage.

Covering eight categories, MEP’s quarterly economic report aims to provide a comprehensive overview of the economy across real GDP, monetary policy, fiscal measures, diversification, markets and business, households, investment and trade, and labor markets. Data comes from a variety of government sources including the General Authority for Statistics and the Saudi Central Bank.