LBCI

Saudi Arabia remains on track to be fastest-growing G-20 economy

Middle East

07-01-2023 | 09:42

Share

Share

Saudi Arabia remains on track to be fastest-growing G-20 economy

2^min

Saudi Arabia’s gross domestic product expanded an annual 8.8% in the third quarter, keeping the oil-rich kingdom on track to be the fastest-growing among the Group of 20 economies this year.

The final figure was slightly higher than a preliminary estimate of 8.6% due to further expansion in the non-oil economy, data from the General Authority for Statistics showed Sunday. All sectors displayed positive annual growth.

Saudi Arabia has previously said it anticipates full-year economic growth of 8.5%, as well as its first budget surplus in nearly a decade.

The figures suggest a measure of success in Crown Prince Mohammed bin Salman’s drive to diversify and open up the economy of the world’s largest crude exporter, ambitions that partly hinge on Saudi Arabia’s ability to secure more capital from overseas.

Oil-related GDP grew 14.2% in the third quarter, less than the 14.5% estimate, while the non-oil economy — the engine of job creation — grew 6%, compared to an anticipated 5.6%.

Foreign direct investment has increased steadily since the transformation plan was announced more than half a decade ago, but much of it is still pumped into fossil fuels.

All the same, business activity in the non-oil economy has been on a recent tear, expanding at the fastest pace in more than seven years in November as new order growth accelerated and businesses became more optimistic.

The kingdom last week also revised upward its forecast for next year’s budget surplus from projections made just three months ago, signaling confidence its revenues will hold up despite oil-market jitters and fears of a global slowdown. Saudi Arabia expects its economy to expand 3.1% in 2023.

Bloomberg

Breaking Headlines

Saudi Arabia

Economy

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Israel monitors Lebanon, Syria closely ahead of potential escalation—the details

News Bulletin Reports

2025-12-18

Israel monitors Lebanon, Syria closely ahead of potential escalation—the details

Smuggling plot: Lebanon foils attempt to smuggle 90 handguns on Air France flight from Paris

News Bulletin Reports

13:05

Smuggling plot: Lebanon foils attempt to smuggle 90 handguns on Air France flight from Paris

Israeli army: Secret maritime file focuses on building organized naval infrastructure under civilian cover

04:36

Israeli army: Secret maritime file focuses on building organized naval infrastructure under civilian cover

One-hour window: How Israel says it tracked and killed Hezbollah’s No. 2 in Beirut’s southern suburbs

News Bulletin Reports

2025-11-23

One-hour window: How Israel says it tracked and killed Hezbollah’s No. 2 in Beirut’s southern suburbs

Videos

Pope Leo XIV urges leaders to hear their people’s cry for peace, singles out Lebanon (video)

2025-12-02

Pope Leo XIV urges leaders to hear their people’s cry for peace, singles out Lebanon (video)

At Beirut waterfront, Pope Leo XIV rides through cheering crowds (video)

2025-12-02

At Beirut waterfront, Pope Leo XIV rides through cheering crowds (video)

At Beirut Port, Pope Leo XIV offers silent prayer for blast victims (video)

2025-12-02

At Beirut Port, Pope Leo XIV offers silent prayer for blast victims (video)

Pope Leo XIV opens hospital visit with Arabic ’Sabah el-kheir’ — Video

2025-12-02

Pope Leo XIV opens hospital visit with Arabic ’Sabah el-kheir’ — Video

Pope Leo XIV tells Lebanese youth Lebanon’s future ‘is in your hands’; watch full speech here

2025-12-01

Pope Leo XIV tells Lebanese youth Lebanon’s future ‘is in your hands’; watch full speech here

Pope Leo XIV moved by youth turnout in Bkerke: Video

2025-12-01

Pope Leo XIV moved by youth turnout in Bkerke: Video

Pope Leo leaves for Istanbul—Video

Middle East News

2025-11-27

Pope Leo leaves for Istanbul—Video

Pope Leo arrives at Turkey's Presidential Palace—Video

Middle East News

2025-11-27

Pope Leo arrives at Turkey's Presidential Palace—Video

Pope Leo visits Mustafa Kemal Ataturk's mausoleum—Video

Middle East News

2025-11-27

Pope Leo visits Mustafa Kemal Ataturk's mausoleum—Video

Most read

24 hours

7 days

Month

Israeli army: Secret maritime file focuses on building organized naval infrastructure under civilian cover

1

Israeli army: Secret maritime file focuses on building organized naval infrastructure under civilian cover

Smuggling plot: Lebanon foils attempt to smuggle 90 handguns on Air France flight from Paris

2

Smuggling plot: Lebanon foils attempt to smuggle 90 handguns on Air France flight from Paris

PM Salam unveils draft law to recover deposits, restore financial order

3

PM Salam unveils draft law to recover deposits, restore financial order

Netanyahu’s office: Israel represented at Naqoura meeting on Hezbollah disarmament

4

Netanyahu’s office: Israel represented at Naqoura meeting on Hezbollah disarmament

Geagea criticizes parliamentary leadership, questions government statements about elections

5

Geagea criticizes parliamentary leadership, questions government statements about elections

LBCI Sources: PM Salam to address financial gap bill and deposit recovery mechanism

6

LBCI Sources: PM Salam to address financial gap bill and deposit recovery mechanism

Lebanese military mechanism holds its 15th meeting in Naqoura

7

Lebanese military mechanism holds its 15th meeting in Naqoura

Second round of Lebanon-Israel talks highlights civilian return and ceasefire monitoring

8

Second round of Lebanon-Israel talks highlights civilian return and ceasefire monitoring

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More