Saudi Arabia achieves the highest quarterly growth in 11 years
In comparison to the first quarter’s growth of 9.9 percent, Saudi Arabia’s gross domestic product (GDP) increased by 12.2 percent in the second quarter.
It achieved the highest quarterly growth rate in 11 years, thanks to the significant recovery in oil activities.
Second-quarter gross domestic product growth numbers beat the government’s initial estimate at the end of July of 11.8 percent.
The Saudi Statistics Authority said in a statement on its website, on Wednesday, that the growth rate achieved in the second quarter is the highest since the third quarter of 2011.
“This growth is mainly due to the significant increase in oil activities by 22.9 percent year on year,” according to the Statistics Authority.
The Saudi economy received a strong boost from the rise in oil prices on the back of fears of supply shortages and the Russian-Ukrainian crisis.
As for non-oil activities, they rose by 8.2 percent year on year, and government activities registered a growth of 2.4 percent year on year.
According to a statement by the Statistics Authority, the gross domestic product at current prices amounted to one trillion and 48 billion riyals in the second quarter.
Crude oil and natural gas activities accounted for the largest share among the activities contributing to the economy, at 38.7 percent.
It was followed by government services activities, 13.9 percent, and manufacturing industries, excluding refining, 7.56 percent.
