Saudi economy grows at 6.8% in 3Q due to rising global energy demand; highest since 2012

Saudi Arabia's economy grew 6.8% year-on-year in the third quarter, the fastest growth since 2012, official data showed on Tuesday, as the world's top oil exporter benefits from rising global energy demand.

"This positive growth was due to the high increase in oil activities by 9.0% as a result of rising world demand for crude oil and the increase of Saudi production in 2021," said the General Authority for Statistics, based on flash estimates.

Seasonally adjusted real gross domestic product (GDP) grew 5.8% quarter-on-quarter on the back of a 12.9% growth in oil activities, it said.