The Saudi General Authority for Statistics estimates showed that the Kingdom's real GDP grew by 11.8 percent in the second quarter of 2022, compared to the same quarter of 2021. According to the authority, the reason for this positive growth is due to the significant increase in oil activities by 23.1%, in addition to an increase in non-oil activities by 5.4%, as well as an increase in government services activities by 2.2%.
The seasonally adjusted real GDP increased by 1.8 percent in the second quarter of 2022, compared to the first quarter of this year. The increase is due to the positive growth in oil activities by 4.8 percent, in addition to an increase in government services activities by 0.2 percent, while non-oil activities witnessed a decrease of 0.4 percent.
Saudi Arabia's real GDP grew by 9.9 percent in the first quarter of 2022, on an annual basis. On a quarterly basis, seasonally adjusted GDP grew by 2.6 percent. The authority attributed the economic growth, at the time, mainly to the significant rise in oil activities, which amounted to 20.3 percent on an annual basis, and 2.9 percent on a quarterly basis.
The growth in non-oil activities reached 3.7 percent on an annual basis, and 0.9 percent on a quarterly basis.
Source (Al-Arabiya.net Website, Edited)
