Saudi Arabia’s economy grew by 11.8% in the second quarter of 2022. This was boosted by higher oil prices as a Russian military strike in Ukraine fuelled supply concerns.
Oil-related economic activity in the kingdom rose 23.1 per cent annually during the three months to the end of June, according to flash estimates released by the kingdom’s General Authority for Statistics (Gastat) on Sunday.
Non-oil economic activity climbed 5.4 per cent during the period, while government services activities increased 2.2 per cent, supporting the growth of the Arab world’s largest economy, the latest data showed.
Saudi Arabia, the world’s leading oil exporter, recovered in 2021 from the impact of the coronavirus pandemic with economic activity picking up momentum this year as oil prices increased.
In the first-quarter of this year, the kingdom’s economy grew 9.9 per cent, recording its highest rate of growth in the last 10 years.
It also recorded the strongest growth rate among the world’s largest economies in the January-to-March period.
The kingdom’s gross domestic product grew an annual 10.4 per cent in the first three months of the year, compared with an average of 4.5 per cent recorded by the G20 economies during the period, according to data released by the Organisation for Economic Co-operation and Development last month.
The International Monetary Fund estimates in its latest forecast that the kingdom’s economy will grow by 7.6% in 2022 and 3.7% in 2023, after growing 3.2% last year.
