RIYADH: Saudi Arabia's real GDP is set to increase by 8.8 percent during the third quarter of 2022 compared to the same period in 2021 due to an increase in oil activities, according to a report published by the General Authority for Statistics.

According to GASTAT, compared to the second quarter of this year, the real GDP growth rate increased by 2.1 percent in the third quarter.

Oil activities grew 4.5 percent sequentially and 14.2 percent annually in the third quarter, the report said.

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The report also said that non-oil activities in the Kingdom grew by 6% year-on-year, while declining by 0.5% quarter-on-quarter.

Government activity also increased by 2.5 percent in the third quarter compared to the same period last year.

According to the GASTAT report, the growth of crude oil and natural gas contributed 35.2 percent to the national GDP, with an annual growth of 14.8%.

The report noted that the non-oil economy as a whole "contributed to GDP with a share of 50.7 per cent, with manufacturing (excluding petroleum refining) being the most important sub-sector within the non-oil economy with a share of 7.8 per cent". category." Is. ,

In a report published earlier in November, the World Bank projected that Saudi Arabia's economy would grow by 8.3 percent in 2022 before slowing to 3.7 percent in 2022 and 2.3 percent in 2024, respectively.

According to the World Bank report, the Kingdom's economy is progressing due to the growth in the oil sector.

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The International Monetary Fund also said that despite economic challenges, Saudi Arabia would remain the fastest growing economy in the Group of 20 countries.

In a report published in November, the IMF projected a growth of 7.6 percent for the Saudi economy in 2022.

Compared to October in the same month last year, Saudi Arabia's index of industrial production rose by 14.1%.

According to a separate GASTAT report, manufacturing activity and higher production levels in the mining and quarrying industries were the main drivers of IPI growth in October.

As the Kingdom looks to increase its oil production to more than 10 million barrels per day in October 2022, mining and quarrying has increased by 12% compared to the same month last year.

On the other hand, the manufacturing sector saw a growth of 23.2 percent compared to the same month last year, while the supply of gas and electricity declined by 1.8 percent.

A 5% growth in the manufacturing sector in September 2022 helped boost the overall IPI by 0.3 percentage points. However, the supply of electricity and gas declined by 11% and 7%, respectively, as well as the mining and quarrying sectors. Report good.

In May 2021, IPI growth in the Kingdom improved, and has been rising steadily since then.

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The IPI is a measure of the economy that reflects changes in the volume of industrial production relative to other changes, according to GASTAT.