CAIRO: The Saudi economy expanded by an annual rate of 7 percent in the third quarter of this year driven by higher oil production, according to data released by Gastat. This is the highest yearly growth rate since 2012. Growth was also upwardly tweaked to 7 percent compared to an initial estimate of 6.8 percent. The economy grew by a lower 1.9 percent in the previous quarter. Oil activities surged by a yearly rate of 9.3 percent in Q3, the highest in 10 years, fuelled by larger global oil demand. This is compared to a decline of 7 percent in the second quarter. Growth in the production of non-oil activities eased to 6.3 percent, lower than the previous quarter’s 9 percent. GDP per capita in the Kingdom was valued at SR22,883 ($6,100) in the third quarter, reflecting a growth of about 20 percent compared to the same period last year. Looking at specific economic activities, petroleum refining had the highest annual expansion, recorded at 19.2 percent. It was followed by financial, insurance and business services activities, which stood at 13.4 percent. Output in the sector of wholesale and retail trade and restaurants and hotels also grew at a high 10.8 percent. All economic activities in the Kingdom underwent a positive growth rate, the report said. Gastat added domestic demand was strong in the third quarter as private final consumption widened by 9.7 percent while gross fixed capital formation climbed by 13.5 percent. Exports were also an important contributor to the upswing in output, rising by an annual rate of 14.2 percent. Imports grew by 8.3 percent as well. On a quarterly basis, economic growth in the Kingdom was 5.7 percent in the third quarter. Oil activities were 12.7 percent higher compared to the previous quarter while non-oil activities increased by 2.6 percent.