Saudi Arabia’s GDP grows 11.8% in Q2 of 2022
- The positive growth is due to the significant increase recorded by oil activities by 23.1 per cent
Riyadh: The real Gross Domestic Product (GDP) of Saudi Arabia increased by 11.8 per cent during the second quarter of 2022, compared to the second quarter of 2021.
On Sunday, the Saudi General Authority for Statistics (Gastat) said, “The positive growth is due to the significant increase recorded by oil activities by 23.1 percent.”
It stated that non-oil activities increased by 5.4 percent during the period, and government services activities increased by 2.2 per cent.
On a quarterly basis, real GDP increased by 1.8 per cent in the second quarter of 2022, compared to the first quarter of the same year.
The rise is due to the positive growth witnessed in oil activities by 4.8 per cent, in addition to an increase in government services activities by 0.2 per cent, while non-oil activities witnessed a decrease of 0.4 per cent.
It is noteworthy that the International Monetary Fund expected on Tuesday, July 23, that the Saudi economy will grow by 7.6 per cent this year, and 3.7 per cent during the year 2023.
The fund’s data expectations also increased the growth of the Saudi economy, with an increase of 0.1 percentage point, compared to the expectations of April 2021, which was 3.6 per cent.
The credit rating agency, Moody’s, expected the Saudi economy to grow at an average rate of about 3.9 per cent, during the years 2022 to 2026.
