Saudi GDP up 12.2% in second quarter, exceeding initial estimate

The second quarter growth figure exceeded a flash government estimate at the end of July of 11.8 per cent GDP growth



Saudi Aramco logo is pictured at the oil facility in Abqaiq. The oil economy grew 4.4 per cent in the second quarter from the first quarter. — File photo
Saudi Aramco logo is pictured at the oil facility in Abqaiq. The oil economy grew 4.4 per cent in the second quarter from the first quarter. — File photo

By Reuters

Published: Wed 7 Sep 2022, 5:21 PM

Last updated: Wed 7 Sep 2022, 5:22 PM

Saudi Arabia’s real gross domestic product expanded by 12.2 per cent in the second quarter compared with the same period of 2021, data showed on Wednesday, as the world’s top oil exporter reaps the rewards of high crude prices and a post-pandemic recovery.

The second quarter growth figure exceeded a flash government estimate at the end of July of 11.8 per cent GDP growth. The economy grew 2.2 per cent from the first quarter.

“The growth is mainly due to the high increase in oil activities by 22.9 per cent y-o-y,” the General Authority for Statistics said. The oil economy grew 4.4 per cent in the second quarter from the first quarter.

Non-oil activities rose by 8.2 per cent on an annual basis and 4.5 per cent from the first quarter. Government activities grew by 2.4 per cent in the year to end-June, a 0.4 per cent rise compared to the first quarter. — Reuters


More news from Business