The results of the Gross Domestic Product flash estimate report for the first quarter of 2023, released by the General Statistics Authority on Sunday, showed that non-oil activities in the Kingdom achieved positive growth of 5 .8%. , compared to the same period of the previous year 2022.
Oil activities also increased by 1.3% year-on-year.
According to the results of the report, the seasonally adjusted real GDP recorded a decline of 1.3% during the first quarter of 2023, compared to what it was in the fourth quarter of 2022.
And Saudi Arabia’s economy grew by 8.7% on an annual basis in the year 2022, the highest growth in about 11 years, when Saudi Arabia recorded economic growth of 10% in 2011.
And Saudi Arabia expected gross domestic product for the year 2022 to grow by 8.5%, compared to the previous rate of 8%, according to statements by Saudi Finance Minister Muhammad Al-Jadaan, last December.
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