The economy of Saudi Arabia has grown 6.8% in Q3 compared to negative growth of 4.5 percent last year, marking the country's fastest expansion pace since 2012, fueled by global energy demand recovery.
The Saudi real gross domestic product (GDP) grew 5.8% quarter-on-quarter as the Kingdom economy is picking up speed in Q3, shaking off the double whammy effect of COVID and oil demand fears.
According to the General Authority for Statistics (GASTAT), the growth of the world's top oil exporter 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''.
It's worth mentioning that non-oil activities growth slid to 6.2 percent in Q3 descending from 11.1 percent in the previous quarter.
Saudi Arabia has posted a surplus of SR6.68 billion in the Kingdom's Q3 budget for the first time since 2019.
Recently, the Saudi finance ministry has announced yesterday that the Kingdom had deposited $3 billion to both Egypt and Pakistan central banks in a move to support foreign exchange reserves of nations in need during the pandemic.
Also, these gains in oil prices and the increase in oil production have resulted in the rise of Saudi Aramco earnings to a quarterly dividend of $18.75 billion with free cash flow, Bloomberg reported.
The Kingdom has recently pledged to reach net carbon neutrality by 2060. To achieve this goal the world's biggest oil exporter will invest more than $180 billion.
This will place the Kingdom among the other 100 countries that have pledged to adopt the Carbon Circular Economy, like China and Russia. However, other countries including the US, the UK, and the United Arab Emirates targets to achieve the goal 10 years earlier.
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