Saudi Arabia’s economy expanded by 5% year-on-year in the third quarter, driven by a significant 8.2% surge in oil-related activities, according to preliminary government data.
The growth underscores the kingdom’s recovering oil sector as OPEC+ gradually unwinds production cuts. Non-oil activities, a key focus of the Saudi reform agenda, also saw robust growth of 4.5%.
On a quarterly basis, seasonally adjusted GDP rose 1.4%, propelled by a 3.1% increase in oil output. This positive data has led to upgraded growth forecasts for 2025 from both the Saudi finance ministry and the International Monetary Fund (IMF), reflecting optimism for the ongoing economic transformation under the Vision 2030 plan.
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