RIYADH: Saudi Arabia’s economy grew 5 percent in the third quarter from a year earlier, driven by strong gains in both oil and non-oil sectors, official data showed.
According to flash estimates from the General Authority for Statistics, oil activities grew 8.2 percent, while non-oil output expanded 4.5 percent and government activities increased 1.8 percent during the same period.
The robust performance underscores progress under the Kingdom’s Vision 2030 strategy, which aims to diversify the economy and reduce reliance on crude revenues.
This is in line with remarks by Minister of Economy and Planning Faisal Alibrahim, who said during a panel discussion at the Future Investment Initiative in Riyadh that Saudi Arabia’s GDP is expected to grow 5.1 percent in 2025, supported by continued momentum in non-oil sectors.
In its latest report, GASTAT stated: “The main driver of growth in real GDP was non-oil activities, which contributed 2.6 percentage points, oil activities contributed 2 percentage points, government activities and net taxes on products each contributed 0.2 percentage points.”
