Rapid estimates by the General Authority for Statistics revealed that Saudi Arabia's real GDP grew by 6.8% in the third quarter of 2021 compared to the third quarter of 2020. In a report released today, the authority stated that this positive growth is attributed to an increase in oil activities by 9% due to rising global demand for crude oil, alongside the Kingdom's return to boosting its production in 2021. Non-oil activities grew by 6.2%, while government activities saw a rise of 2.7%.
According to the authority, the growth rate in the third quarter of this year is the highest growth rate since 2012. Seasonally adjusted real GDP increased by 5.8% in the third quarter of 2021 compared to the second quarter of the same year, driven by significant growth in oil activities by 12.9%, along with a 1.6% rise in non-oil activities and a 1.4% increase in government activities.
Previous data from the Saudi Ministry of Finance indicated that the Saudi economy, the largest Arab economy, recorded a budget surplus of 6.7 billion riyals (1.79 billion dollars) in the third quarter of this year, as rising oil prices contributed to its first quarterly surplus since 2019.
Earlier this month, rating agency Moody's revised Saudi Arabia's outlook to "stable," stating that the government is likely to adjust its course regarding most of its debt increase in 2020 while maintaining financial safety margins. The agency maintained the country's rating at "A1."
