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  • SAUDI ARABIA BREAKING NEWS

Saudi GDP up 12.2% In Second Quarter, Exceeding Initial Estimate




PARIS, France - Saudi Arabia's real gross domestic product expanded by 12.2% 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% growth. The economy grew 2.2.% from the first quarter.


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


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

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