RIYADH: Saudi Arabia's economy grew 5 percent in the third quarter from a year earlier, driven by strong gains in both oil and non-oil sectors, official data showed.
According to flash estimates from the General Authority for Statistics, oil activities grew 8.2 percent, while non-oil output expanded 4.5 percent and government activities increased 1.8 percent during the same period.
This is the fastest pace since the first quarter of 2023, when real GDP was up 5.7 percent.
The robust performance underscores progress under the Kingdom's Vision 2030 strategy, which aims to diversify the economy and reduce reliance on crude revenues.
This is in line with remarks by Minister of Economy and Planning Faisal Alibrahim, who said during a panel discussion at the Future Investment Initiative in Riyadh that Saudi Arabia's GDP is expected to grow 5.1 percent in 2025, supported by continued momentum in non-oil sectors.
In its latest report, GASTAT stated: "The main driver of growth in real GDP was non-oil activities, which contributed 2.6 percentage points, oil activities contributed 2 percentage points, government activities and net taxes on products each contributed 0.2 percentage points."
The authority reported that seasonally adjusted real GDP increased 1.4 percent in the third quarter compared to the previous three months.
Oil activities expanded 3.1 percent quarter on quarter, while non-oil and government activities rose 0.6 percent and 0.7 percent, respectively.
The report said: "Oil activities were the main contributor to the growth of seasonally adjusted real GDP, adding 0.8 percentage points. Non-oil activities contributed 0.4 percentage points, government activities and net taxes on products each contributed 0.1 percentage points."
Earlier this month, the World Bank raised its forecast for Saudi Arabia's 2025 economic growth to 3.2 percent, up from 2.8 percent projected in April, citing stronger oil output and robust non-oil activity.
In September, the Organization for Economic Cooperation and Development also revised its estimate for the Kingdom's 2026 GDP growth to 3.9 percent, compared with its previous projection of 2.5 percent.
According to GASTAT, flash estimates of quarterly GDP are produced within a short period after the end of the reference quarter, when data for the period is still incomplete. These early estimates provide an initial indication of economic performance and are later revised when full data becomes available.