According to Arab News, this coincides with a moderate inflation rate of 2.9 percent, the lowest rate among G20 countries.
According to a new report by the Saudi Ministry of Economy and Planning, the real non-oil GDP growth rate increased by 5.9 percent for the sixth consecutive quarter.
"Manufacturing, wholesale and retail trade, restaurants and hotels, construction and transportation were among the key contributors to the Saudi non-oil sector in the third quarter of 2022," the report said.
The kingdom's trade balance increased to 72.7 billion riyals in August, a growth rate of 87 percent compared to the same period last year, despite continued disruptions in the supply chain.
The Kingdom's exports to China, Japan and the US increased while India and South Korea doubled their imports of Saudi goods on an annual basis, strengthening the Kingdom's leading role in the international arena.
Saudi Minister of Economy and Planning Faisal bin Fazl Al Ibrahim said, "Looking ahead, our growth prospects are strong and investors should be optimistic about the economy's performance in the near future, which will be supported by the improvement in the non-oil sector." , supported by the Kingdom's increased ability to attract talent, develop tourism and invest.'
According to the International Monetary Fund's World Economic Outlook report released in October, Saudi Arabia is expected to grow by 7.6 percent in 2022 and 3.7 percent in 2023.
The World Bank predicts Saudi Arabia's growth in 2022 to be higher than the IMF's at 8.3 percent. It will increase to 3.7 percent and 2.3 percent in 2023 and 2024, respectively.