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GDP jump in Saudi Arabia

Data from Saudi Arabia’s General Statistics Office showed today, Wednesday, that the gross domestic product grew by 12.2 percent in the second quarter of this year.

Growth in the second quarter is the highest since the third quarter of 2011, according to data released by the authorities.

Year-on-year growth in the second quarter was driven by a 22.9% increase in the oil sector, as well as higher production and oil prices; The non-oil sector also grew by 8.2 percent, and the public sector by 2.4 percent.

Preliminary data from the agency indicated production growth of 11.8% in the second quarter, and Saudi Arabia expects its GDP to grow by 7.4% in 2022, while the International Monetary Fund expected it to be 7.6%.

Saudi Arabia is the world’s largest oil exporter and the world’s third largest producer and OPEC’s largest producer, with an average daily production of 11 million barrels per day.

#General_Statistics_Organization
Real GDP for the second quarter of 2022 increased by 12.2%.

seehttps://t.co/PIhAm8OsvNrice.twitter.com/xrXNlowVfq

— General Directorate of Statistics (@Stats_Saudi) September 7, 2022

Source: Saudi Arabian General Statistics Office.

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