Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 2025

Saudi Q2 GDP grows at fastest pace in 11 years driven by oil sector

Saudi Q2 GDP grows at fastest pace in 11 years driven by oil sector

The Saudi oil sector grew 23.1 percent year-on-year in the second quarter of 2022, fueling an 11.8 percent growth in its real gross domestic product, according to flash estimates by the General Authority for Statistics.
This year-on-year growth was the fastest rate recorded since the third quarter of 2011 when it saw a 13.6 percent increase, according to data compiled by Arab News.

The flash estimates recorded a 20.4 percent annual rise in its oil sector last quarter.

Furthermore, the country saw a 7 percent year-on-year drop in oil activity in the same quarter of 2021, and a 5.3 percent drop the year before.

Real GDP increased by 9.9 percent in the first quarter of 2022, according to the GASTAT data.

The Kingdom’s non-oil activity grew by 5.4 percent year-on-year in the second quarter of this year, whereas government services activities grew 2.2 percent annually, compared to a 2.4 yearly percent increase in the first quarter.

Non-oil activity flourished in the second quarter of 2021, increasing by 11.1 percent annually. As for the year prior, it recorded a 10.6 percent fall.

Government activity saw an upward trend over the past two years. In the same quarter of 2021, it rose by 0.7 percent, whereas a year before it fell by 1.6 percent.

The quarterly rise in Saudi’s seasonally adjusted GDP reached 1.8 percent in the second quarter of 2022, which was driven by a 4.8 percent growth in oil activities and a 0.2 percent growth in government services, whereas non-oil sector activity fell by 0.4 percent this quarter.

Global economic changes and inflated oil prices are said to prolong this advancement and promote future growth in the region.

“Higher energy production and prices will result in all Gulf economies running twin budget and current account surpluses this year, providing scope for more fiscal support,” explained a note by Capital Economics.

Non-oil GDP is also expected to support future economic growth, as the Saudi government announced relief packages as part of their plan to gradually shift toward looser fiscal policies.

The Kingdom’s expected GDP growth is expected to rise above current expectations. This year it is expected to reach 10 percent, while next year it should grow by approximately 5.3 percent.

“Saudi Arabia’s economic recovery is likely to be one of the strongest in the emerging world over the next couple of years, as oil output is ramped up and fiscal policy is loosened,” said the report.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×