Saudi Arabia’s oil revenue hits a ten-year high of $326 billion in 2022
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Today, February 21, the Saudi Arabian General Statistics Office reported (.pdf) that in December, revenues from oil exports decreased by 5% compared to November, amounting to $22.8 billion. This is the sixth consecutive monthly decline in revenues, which in December were the lowest since the beginning of 2022.
The decline in oil export revenues in the second half of the year is due to the fall in oil prices after a sharp increase in the first half of the year. At the same time, Saudi Arabia’s export revenues last year as a whole reached a record $326 billion since 2012. In December, such revenues were also 11.1% higher than a year earlier.
Saudi Arabia’s GDP grew by 8.7% in 2022, the fastest growth among the G20 countries. According to experts, the growth of oil revenues can help to diversify the economy of Saudi Arabia – the country’s authorities have been developing projects in various fields for several years, which should reduce its dependence on oil exports.
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