Bloomberg: Saudi economy grows at record pace thanks to rising oil prices

Published:

Aug 1, 2022 10:46 GMT

The country’s unemployment rate has also dropped to its lowest level since 2008.

Saudi Arabia’s economy grew by 11.8% in the second quarter of this year, which is a record since 2011, due to the rise in oil prices, reported this Sunday Bloomberg with reference to local authorities.

According to the agency, the non-oil gross domestic product grew by 5.4%, while the oil economy grew by 23.1% compared to the same period last year. Rising energy prices, together with the situation in Ukraine, which altered global patterns of trade, production and consumption, have contributed to this record GDP growth.

Likewise, Saudi Arabia’s unemployment rate has also fallen to its lowest level since 2008, as economic growth accelerated thanks to higher oil revenues, the medium collects.

Recently, Bloomberg reported that Saudi Arabia and Iraq increased oil supplies to Europe by 90% since January. Riyadh dominates shipments across the sumed Pipeline, that crosses Egypt and connects the Ain Sukhna terminal, in the Gulf of Suez, with Sidi Kerir, in the Mediterranean Sea.

In particular, it is estimated that in the first three weeks of July more than a million barrels per day of crude have been pumped through the pipeline. Volumes nearly doubled compared to 2021.