RIYADH: Saudi Arabia’s gross domestic product expanded by 4.8 percent in the third quarter of this year compared to the same period in 2024, driven by growth in both oil and non-hydrocarbon sectors, official data showed.
According to estimates by the General Authority for Statistics, oil activities in the Kingdom advanced by 8.3 percent year on year in the third quarter, while the non-oil sector recorded a growth rate of 4.3 percent during the same period.
Government activities also expanded by 1.4 percent compared to the same quarter of the previous year.
The strong performance underscores progress under the Kingdom’s Vision 2030 strategy, which aims to diversify the economy and reduce reliance on crude revenues.
“The main driver of growth in real GDP was non-oil activities, which contributed 2.4 percentage points. Oil activities contributed 2 percentage points. Net taxes on products and government activities contributed 0.2 percentage points each,” said GASTAT.
All economic activities recorded positive annual growth. Petroleum refining achieved the highest rate in the third quarter, rising 11.9 percent year on year, followed by crude petroleum and natural gas activities at 7.3 percent, and electricity, gas and water activities at 6.4 percent.
On a seasonally adjusted basis, Saudi Arabia’s GDP expanded by 1.4 percent in the third quarter compared to the previous three months.
Oil activities grew by 3.3 percent quarter on quarter, while government activities and non-oil activities advanced by 1 percent and 0.6 percent, respectively.
Regarding the trade balance, exports increased 18.4 percent year on year in the third quarter and 7.5 percent quarter on quarter.
Imports rose by 4.3 percent compared to the same period last year, although inbound shipments were down 1.2 percent from the previous quarter.
Earlier this month, the World Bank upgraded its 2025 economic growth forecast for Saudi Arabia to 3.8 percent, up from its earlier estimate of 3.2 percent, citing renewed momentum in both oil and non-oil sectors.
In October, the International Monetary Fund also raised its economic growth forecast for the Kingdom to 4 percent for both 2025 and 2026.
