Riyadh, Saudi Arabia—Saudi Arabia’s real gross domestic product has surged by 12.2 percent in the second quarter compared with the same period of 2021, data showed on Wednesday,
The world’s top oil exporter has benefited from high crude prices and a post-pandemic recovery.
The growth figure exceeded a government estimate at the end of July of 11.8 percent GDP growth. The economy grew 2.2 percent from the first quarter.
The General Authority for Statistics said: “The growth is mainly due to the high increase in oil activities by 22.9 percent y-o-y”. The oil economy grew 4.4 percent in the second quarter from the first quarter.
Non-oil activities rose by 8.2 percent on an annual basis and 4.5 percent from the first quarter. Government activities grew by 2.4 percent in the year to end-June, a 0.4 percent rise compared to the first quarter.