The General Authority for Statistics (GASTAT) published flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022, reported the Saudi Press Agency.
The figures reveal that the GDP has made the highest growth rate in 10 years, achieving a growth of 9.6% during the first quarter of 2022 compared to the same period in 2021.
This was driven by a significant increase in oil activities by 20.4%, in addition to an increase in non-oil activities by 3.7% and an increase in government services activities by 2.4%.
The figures showed that the seasonally adjusted real GDP in the Kingdom grew by 2.2% 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%, and an increase in non-oil activities by 2.5%, while government services activities decreased by 0.9%.
According to the Methodology of Flash Estimates of Quarterly GDP Definition, a flash estimate of quarterly GDP is defined as a process of estimating the quarterly national accounts conducted during a short period after the end of the reference quarter and is published 30 days after the end of the reference quarter when the data relating to the quarter is still incomplete.
It is the same estimates that are performed in the quarterly national accounts, but it adopts simplified assumptions about the extrapolation of some indicators (monthly or quarterly). It uses many indicators related to production, expenditures, income, price, and foreign trade.
Flash estimates are related to the quarterly GDP of the entire national economy and are presented without any details of economic sectors and activities.
They are used by decision-makers, academics, and researchers who seek to obtain a long-term future view of the GDP data for economic activities. International organizations use seasonally adjusted data to make economic comparisons between different countries.
GASTAT is the official and only statistical reference for statistical data and information in the Kingdom. It implements all statistical activities, technical supervision of the statistical sector, design and implementation of field surveys, conduct of statistical studies and research, data and information analysis.
It is responsible for all work of documenting and preserving information and statistical data that covers, documents, classifies and analyzes all activities in the Kingdom from its various sources and extracts its statistical indicators.