The Strategist

Saudi Arabia's economy shows record quarterly growth since 2011

08/01/2022 - 15:20

The second quarter saw Saudi Arabia's economy expand by 11.8 percent, the quickest rate in 11 years. The war in Ukraine and higher oil prices were the main drivers of growth.
According to the Saudi General Statistics Office, the country's economy expanded by 11.8 percent in the second quarter, which is a record rate since 2011.

Preliminary estimates from analysts show that the oil industry expanded by 23.1% from 2021 while the non-oil sector expanded by 5.4%. In light of this, Bloomberg reported on Saturday that Saudi Arabia's unemployment rate dropped to its lowest point since 2008. It decreased from 11% last month to 10.1% in the first quarter of the year.

The economic expansion of Saudi Arabia coincides with higher oil prices and increased oil output. According to Bloomberg, oil has increased by more than 40% since the start of the year due to the conflict in Ukraine.