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Saudi Arabia's economy grows 11.8% in Q2-22

Saudi Arabia's economy grows 11.8% in Q2-22
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Riyadh - Mubasher: Saudi Arabia’s real gross domestic product (GDP) increased by 11.8% year-on-year (YoY) during the second quarter (Q2) of 2022.

This dynamic growth was mainly driven by higher oil activities by 23.1% YoY in Q2-22, according to the latest data by the Saudi General Authority for Statistics (GASTAT).

In the meantime, nonoil activities grew by 5.4% YoY in Q2-22, while government services activities went up by 2.2% YoY.

The seasonally adjusted real GDP rose by 1.8% in Q2-22 when compared to Q1-22, helped by the positive growth in oil activities by 4.8% and government services activities by 0.2%. On the other hand, non-oil activities inched down by 0.4% quarter-on-quarter