Saudi’s GDP up by 12.2% in the second quarter
According to the data released on Wednesday, Saudi Arabia’s real gross domestic product increased by 12.2% in the second quarter compared to the same period in 2021 as the top oil exporter of the world benefits from strong crude prices and a post-pandemic recovery.
The second quarter growth number was higher than the government’s preliminary estimate of 11.8% GDP growth made at the end of July. From the first quarter, the economy expanded by 2.2%.
The General Authority for Statistics stated that the substantial increase in oil operations by 22.9% y-o-y was the main cause of the growth. In the second quarter compared to the first, the oil economy expanded by 4.4%.
Activities other than oil increased by 4.5% over the prior quarter and 8.2% annually. In the year ending in June, government activity increased by 2.4%, a 0.4% increase from the first quarter.
According to the Minister of Finance Mohammed Al-Jadaan, Saudi Arabia has also announced investments totaling more than SR700 billion to support the growth of the green economy, generate high-quality employment prospects, and offer significant private sector investment opportunities.
The Financial Sector Conference in collaboration with Euromoney Conferences is hosting the “Euromoney Saudi 2022” Conference on Wednesday. The conference’s theme is “Institutionalization of Investment and Finance,” and the minister of finance gave his remarks during the opening ceremony.
He claimed that compared to most other nations in the globe, the administration of the Kingdom had been able to keep inflation rates at far lower levels. “Up until July of this year, the average inflation rate was roughly 2.1% compared to the same period last year.”
The non-oil economy in Saudi Arabia grew by 5.4% in the second quarter of 2022 in real terms compared to the same time in the previous year, he observed, despite the numerous obstacles the globe has encountered over the past several years. The GDP increased by 11.8% as well.