Saudi’s gross domestic product grows by 9.6% in Q1 of this year

The Saudi General Authority for Statistics (GASTAT) has published on its website flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022.

The flash estimates revealed that the Saudi GDP has made the highest growth rate in the past 10 years, achieving a growth rate of 9.6 per cent during the first quarter of 2022, compared to the same period in 2021, driven by a significant increase in oil activities by 20.4 per cent, in addition to an increase in non-oil activities by 3.7 per cent and an increase in government services activities by 2.4 per cent.

According to the Saudi Press Agency (SPA), the results published by GASTAT showed that the seasonally adjusted real GDP in the Kingdom grew by 2.2 per cent in the first quarter of 2022 compared to the previous year. This increase was due to the positive growth in oil activities by 2.9 per cent, and an increase in non-oil activities by 2.5 per cent, while government services activities decreased by 0.9 per cent.

The UAE and Saudi Arabia stressed their keenness to enhance their strategic cooperation and economic, commercial and development integration, to shape a better future that will ensure security, prosperity and comprehensive development and achieve the aspirations of their peoples, under the framework of the deep-rooted relations between the two countries. In a joint statement issued in December 2021, the two countries affirmed the ongoing coordination of their stances on regional and international issues of mutual concern, to serve their interests and maintain the security and stability of the region and the entire world.

The statement — issued by the UAE and Kingdom of Saudi Arabia on the occasion of the visit of His Royal Highness Prince Mohammed Bin Salman Bin Abdul Aziz, Saudi Crown Prince, Deputy Prime Minister and Minister of Defence, to the UAE — is as follows: Under the distinguished ties and deep-rooted historic relations between the leaderships and peoples of the UAE and Saudi Arabia, and in light of the efforts aimed at boosting and developing the strategic cooperation and economic, commercial and development integration between the two countries aimed at shaping a better future and ensuring security, prosperity and comprehensive development, and upon the directives of King Salman Bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, Prince Mohammed Bin Salman visited the UAE on Dec.7 and 8 last year.

During the visit, a meeting was held between Prince Mohammed Bin Salman and His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, during which Prince Mohammed bin Salman congratulated the UAE leadership, government and people on the occasion of the country’s Golden Jubilee.

He lauded the distinguished achievements of the country in a variety of fields and wished the UAE further progress, wellbeing, prosperity, security and stability under the rule of its wise leadership.

During the visit, the fraternal ties between the two countries were addressed, as well as the progress on the strategic cooperation and the integration fronts and ways of boosting bilateral ties between the two countries.

The two sides lauded the distinguished level of cooperation between the two countries in political, security, military, economic and development areas, and the cooperation and integration under the framework of the Saudi-Emirati Coordination Council which was established upon the kind directives of the Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz Al Saud, and President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, stressing their determination to develop and strengthen the role of the council in all areas.

The two sides also highlighted the abundant economic potential and distinguished opportunities that could be generated through the strengthening of the strategic partnership between the two countries and increasing joint investments, stressing the importance of highlighting promising sectors to investors in both countries.

On the energy front, both sides lauded their close cooperation and the successful efforts of Opec Plus to restore stability to the global oil market. They also affirmed the importance of continuing this cooperation, as well as the commitment of the member states of Opec Plus to the agreement, stressing the importance of continuing their joint cooperation in the field of oil, gas and petrochemicals, as well as in the peaceful use of nuclear energy, oil products trade, capitalising on the electricity connectivity and the electricity trade exchange, artificial intelligence, digital transformation, cybersecurity and advanced technologies.

Regarding climate change, the two sides are keen to strengthen their ongoing cooperation in implementing the circular economy approach launched by Saudi Arabia during its presidency of the G-20, and was approved by the group as a comprehensive framework aimed at addressing the challenges resulting from emissions that cause global warming.