The Clap
KSA’s GDP increased in Q2 by 12.2% on an annual basis.
The Deets
The General Authority for Statistics reported that the achieved growth rate is the highest since Q3 2011, justified by a 22.9% increase in oil activities on an annual basis.
This figure tops the initial estimate of 11.8% set by the government.
Numbers
The GDP at current prices amounted to SAR 1.048 trillion during Q2.
Crude oil and natural had the largest contribution to the GDP of 38.7%, while the contribution of government services activities amounted to 13.9%, and manufacturing industries, excluding refining, were 7.56%.
Reasons for the Increase
The Saudi economy has benefited greatly from the increase in oil prices, which was a result of fears of supply shortages as well as the war between Russia and Ukraine.
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