Saudi Q2 GDP grows at fastest pace in 11 years driven by oil sector


The Saudi oil sector grew 23.1 percent year-on-year in the second quarter of 2022, fueling an 11.8 percent growth in its real gross domestic product, according to flash estimates by the General Authority for Statistics.

This year-on-year growth was the fastest rate recorded since the third quarter of 2011 when it saw a 13.6 percent increase, according to data compiled by Arab News.

The flash estimates recorded a 20.4 percent annual rise in its oil sector last quarter. Furthermore, the country saw a 7 percent year-on-year drop in oil activity in the same quarter of 2021, and a 5.3 percent drop the year before.—AN


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