Saudi GDP climbs nearly 12pc in 2nd quarter on oil gains

RIYADH, 01 August 2022, (TON): The government’s statistics agency said “Saudi Arabia’s year-on-year economic growth hit nearly 12 per cent for the second quarter, led by a surging oil sector.”

The Middle East’s largest economy has benefited from a spike in oil prices triggered by Russia’s invasion of Ukraine, and has largely resisted appeals from Western countries to raise output in order to bring prices down.

Growth in the second quarter was 11.8pc compared to the same period last year, according to initial flash estimates published by the General Authority for Statistics.

The agency said “this dynamic growth was mainly due to the increase in oil activities by 23.1pc.”

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