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% GDP 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.
Reporting by Yousef Saba; Editing by Andrew Heavens