Post by : Maya Rahman

Saudi Arabia’s gross domestic product (GDP) surged by 4.8 percent in the third quarter of 2025 compared to the same timeframe in 2024, according to the latest data shared by the General Authority for Statistics (GASTAT). This growth reflects the Kingdom's solid economic performance driven by both oil and non-oil sectors. Oil sector activities jumped by 8.3 percent, complemented by a 4.3 percent rise in non-hydrocarbon sectors. Government services also played a role, advancing by 1.4 percent during this period.

GASTAT highlighted that non-oil sectors were the primary contributors to this growth, adding 2.4 percentage points to the overall GDP rise. Oil activities contributed 2 points, while net taxes and government services each added 0.2 percentage points. Among the individual sectors, petroleum refining experienced the most significant growth, showing an increase of 11.9 percent, followed by crude oil and natural gas activities at 7.3 percent. Electricity, gas, and water services also advanced by 6.4 percent, reflecting overall positive trends across various economic sectors.

On a seasonally adjusted basis, the GDP of Saudi Arabia increased by 1.4 percent compared to the previous quarter. Oil activities registered a growth of 3.3 percent quarter on quarter, while government services and non-oil sectors grew by 1 percent and 0.6 percent respectively. This steady growth signals progress in diversifying the economy in alignment with the Kingdom’s Vision 2030 strategy, which aims to decrease reliance on oil revenues and bolster alternative economic sectors.

Additionally, Saudi Arabia's trade balance reflected notable improvements. Exports climbed by 18.4 percent year on year and rose by 7.5 percent compared to the previous quarter. Imports saw a 4.3 percent year-on-year increase, though they dipped by 1.2 percent from the last quarter. These statistics underscore the Kingdom’s expanding international trade landscape and its growing economic resilience amidst shifting global market dynamics.

International institutions have also acknowledged Saudi Arabia's strong economic standing. Earlier this month, the World Bank upgraded its growth forecast for 2025 to 3.8 percent from 3.2 percent, attributing this to robust growth across both oil and non-oil sectors. Similarly, the International Monetary Fund (IMF) raised its economic outlook to 4 percent for both 2025 and 2026, indicating heightened confidence in the Kingdom's economic strategies and growth trajectory.

#Global News #Business News #Saudi Arabia News #World News