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Saudi Economy Grows by 9.6% in 1st Quarter of 2022, its Highest Since 2011

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Economy Grows by 9.6% in 1st Quarter of 2022, its Highest Since 2011

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

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.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.