Thanks to the oil sector, Saudi Arabia’s economy is growing by about 12% in the second quarter.

Saudi Arabia announced on Sunday that it achieved economic growth of about 12 percent in the second quarter of this year compared to the same period in 2021, thanks to oil sector revenues.

Saudi Arabia has benefited from high oil prices caused by the conflict in Ukraine, and the world’s largest oil exporter has resisted Western requests to increase oil production in an attempt to rein in its prices.

Saudi Arabia’s General Directorate of Statistics said in a report posted on its website that gross domestic product (GDP) growth stood at 11.8 percent in the second quarter compared to the same period last year, according to its “fast estimates.”

“This positive growth is driven by a significant 23.1 percent increase in oil production,” she said.

He added that non-oil activities grew by 5.4 percent and public service activities grew by 2.2 percent compared to the same period last year.

The Ukrainian crisis and the associated rise in crude oil prices have been positive for oil-producing countries such as Saudi Arabia, whose gross domestic product is expected to grow by 7.6% in 2022, according to the International Monetary Fund.

Since the outbreak of hostilities in Ukraine, Saudi Arabia and the UAE have reaffirmed their commitment to the OPEC+ oil alliance led by Riyadh and Moscow, reaffirming the growing independence of Riyadh and Abu Dhabi from their ally Washington.

Source: AFP.