The General Authority for Statistics in Saudi Arabia revealed that real GDP increased by 12.2% in the second quarter of 2022 AD compared to the same quarter of 2021 AD.
Compared to the first quarter of 2022, the seasonally adjusted GDP grew by 2.2%.
This economic growth is mainly due to the significant rise it has achieved oil activities Which amounted to 22.9%, on an annual basis, and 4.4%, on a quarterly basis. The growth in non-oil activities reached 8.2%, on an annual basis, and 5.4%, on a quarterly basis.
Government activities recorded a growth of 2.4%, on an annual basis, and achieved a growth of 0.4%, on a quarterly basis.
The General Authority for Statistics stated that the gross domestic product at current prices amounted to 1.048 billion riyals in the second quarter of 2022, during which crude oil and natural gas activities achieved the highest contribution rate among activities, reaching 38.7%, followed by government services activities by 13.9%, then industries activity conversion, except for oil refining, with a contribution of 7.5%.
The per capita GDP amounted to 29,819 riyals in the second quarter of 2022 AD, an increase of 44.6% over the second quarter of 2021 AD, and 10.6%, over the first quarter of 2022 AD.
Gross fixed capital formation achieved the highest growth rate during the second quarter of 2022 AD, reaching 28.8%, on an annual basis, and 11.7, on a quarterly basis. Exports also achieved an increase in the growth rate of 25.2%, on an annual basis, and 5.2% , on a quarterly basis.
Imports recorded an increase of 18.3%, on an annual basis, while they witnessed a decrease of 4.4%, on a quarterly basis, and the government’s final consumption expenditure achieved a growth of 9%, on an annual basis, and 8.2%, on a quarterly basis. The private sector grew by 5.5%, on an annual basis, while it decreased by 0.5%, on a quarterly basis.
