Saudi economic growth revised higher as boom spreads beyond oil

Saudi Arabia’s economy expanded faster than earlier estimated in the second quarter, after a more upbeat assessment of gains in non-oil gross domestic product (GDP).

GDP overall grew a revised 12.2 per cent from a year earlier, the fastest since 2011 and up from 9.9 per cent in the first three months, the General Authority for Statistics said on Wednesday. That compares with an 11.8 per cent rate reported in July for the second quarter.

#GASTAT
Real GDP Grows by 12.2% in Q2 of 2022

To view the resultshttps://t.co/uzDXmhdTmN pic.twitter.com/gPssvlWOhv

— الهيئة العامة للإحصاء (@Stats_Saudi) September 7, 2022

The non-oil economy – the engine of job creation – expanded 8.2 per cent, far exceeding the agency’s initial estimate for an increase of 5.4 per cent. Oil GDP grew nearly 23 per cent, a slight downgrade from July’s figures.

Read: Two Biggest Gulf Economies Boom and Turn Corner on Inflation

The world’s largest oil exporter is on track to be this year’s fastest-growing economy in the Group of 20, propelled largely by increases in its crude output and higher energy prices.

The boom is now spreading beyond the oil industry, with the government starting to raise spending in the first half of the year thanks a massive budget surplus.