RIYADH — The real Gross Domestic Product (GDP) of Saudi Arabia grew by 6.7% in Q4/2021 compared to Q4/2020 and 1.6% compared to Q3/2021.

This positive growth was to a large extent due to the high increase in oil activities (10.9% y-o-y). The non-oil activities also increased strongly by 5.1%, while government activities expanded by 2.4%, according to the GDP and National Accounts report for the fourth quarter of 2021, released on Wednesday by the General Authority for Statistics (GASTAT) .

The real GDP for the year 2021 grew by 3.2%. The GDP growth in 2021 resulted from the economy recovering from the COVID-19 crisis through the growth of non-oil activities by 6.1%, the government activities showing a growth rate of 1.5%, and the oil activities expanding by 0.2%

The applied methodology for the accounts is either GDP-production approach, which is the total production minus the total intermediate consumption of all economic activities plus net taxes on products, or the GDP-expenditure approach, which is the final expenditure at purchasers’ prices. The final expenditure includes government final consumption expenditure, private final consumption expenditure, gross capital formation, and net exports (exports minus imports). — SPA