Saudi Arabia Q2 economic growth revised up to 12.2% year on year

SINGAPORE (ICIS)–Saudi Arabia’s economy posted a revised second-quarter annualized growth rate of 12.2%, the highest in nearly 11 years, on the back of oil price spikes, official data showed on Wednesday.

The figure was stronger than the Q2 GDP flash estimate growth of 11.8%, and the fastest pace recorded since Q3 2011.

Source: Saudi Arabia’s General Authority for Statistics

Oil activities registered a 22.9% year-on-year growth for April-June 2022, while non-oil activities recorded an 8.2% expansion.

On a seasonally adjusted quarter-on-quarter basis, the economy posted a 2.2% growth.

Saudi Arabia, the world’s biggest oil exporter and the de facto leader of oil cartel OPEC, is projected to post its strongest growth in a decade at 7.4% this year amid elevated energy prices.

Crude prices soared above $100/bbl in the second quarter following Russia’s invasion of Ukraine on 24 February 2022.

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