The economy of Saudi Arabia increased by 11.8% in the second quarter of 2022, showing record growth rates since 2011, Bloomberg reports. The reason for the rise was high oil prices.
According to preliminary estimates of the main management of Saudi Arabia statistics, the non -granular internal product increased by 5.4%, while the oil economy increased by 23.1% compared to 2021.
Record growth of GDP contributed to an increase in energy prices against the backdrop of an armed conflict in Ukraine, which changed the global models of trade, production and consumption. Oil prices rose by more than 40% compared to the beginning of the year and jumped even more after February 24.
The Minister of Finance of Saudi Arabia, Mohammed al-Jadaan, expects oil GDP to grow by 19%this year. The minister shared his forecast at the World Economic Forum in Davos, which was held in May 2022.
On July 16, the Crown Prince of Saudi Arabia Muhammad Ben Salman Al Saud said that the country is ready to bring oil production to 13 million barrels per day. Currently, 10 million barrels of fuel are mined daily in the kingdom.