Saudi Arabia's GDP grows 8.6% in the third quarter

Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021, according to initial government estimates on Monday, as the world's top oil exporter benefits from higher energy prices.

Growth was largely driven by a 14.5% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.6%.

Second quarter real gross domestic product was up 12.2%, the kingdom reported in September, exceeding a flash estimate at the end of July of 11.8% growth on the back of higher oil prices.