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OIL SECTOR JUMPS 23%

Saudi Arabia's GDP grows 11.8% in Q2

RIYADH, 13 days ago

The Real Gross Domestic Product (GDP) of Saudi Arabia witnessed a growth rate of 11.8% in Q2/2022 compared to Q2/2021, according to flash estimates by the General Authority for Statistics (GASTAT). 
 
This dynamic growth was mainly due to the growth in oil activities by 23.1%. Non-oil activities grew by 5.4% in Q2/2022, and the government services activities by 2.2% year-on-year, the authority said.
 
Seasonally adjusted real GDP increased by 1.8% in Q2/2022 compared to the previous quarter (Q1/2022). This increase is due to the positive growth in oil activities by 4.8% and the government services activities by 0.2% while the non-oil activities decreased by 0.4%, it said.
 
Meanwhile, the value of merchandise exports in Saudi Arabia during May 2022 reached SR144 billion ($38.34 billion), compared to SR79 billion in May 2021, an increase of SR65 billion, a growth of 83.4%, said the he International Trade Publication in Saudi Arabia for May 2022, issued by GASTAT.
 
The value of oil exports during May 2022 reached SR116 billion, compared to SR57 billion during May 2021, an increase of 105.5%. The value of non-oil exports (including re-exports) during the month reached SR28 billion, compared to SR22 billion during May 2021, an increase of 26.7%, it said.
 
The value of merchandise imports into Saudi Arabia during May 2022 reached SR54 billion, compared to SR44 billion during May 2021, an increase of 21.8%. - TradeArabia News Service



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