Saudi economy grows 8.7% in 2022: Report

Riyadh, March 10 (IANS) The Saudi Arabian gross domestic product (GDP) grew by 8.7 per cent in 2022, the highest among G20 countries, according to a report issued by the General Authority for Statistics.

The growth exceeded the international expectation of 8.3 per cent as the maximum, and it is the kingdom's highest annual rate in the last decade, Xinhua news agency quoted the report as saying.

It said the Saudi GDP reached, at the current exchange rate, more than $1 trillion in 2022, for the first time in the kingdom's history.

The contribution to the growth by the crude oil and natural gas sector reached 32.7 per cent, followed by government services, 14.2 per cent, manufacturing activities except oil refining, 8.6 per cent, and wholesale and retail trade, restaurants and hotels, 8.2 per cent.

The report revealed a 5.4-per cent growth in non-oil activities in 2022, with the sector of transportation, storage and communications reaching the highest growth rate of 9.1 pe rcent, followed by manufacturing activities except oil refining, 7.7 per cent.