The Statistical Center for the Gulf Cooperation Council states revealed the growth of the Saudi gross domestic product at current prices in the second quarter of this year reached $279.5 billion. At the same time, the Kingdom topped the Gulf countries, followed by Qatar with $60.4 billion, the Sultanate of Oman with $28 billion, and Bahrain with 11. $8 billion.
The center stated in its weekly summary that the gross domestic product at current prices for Saudi Arabia increased by 10.9%, compared to 42.5% in the same quarter of 2021, while it increased in Qatar by 11.5%, the Sultanate of Oman by 12.1%, and Bahrain by 8.3%.
The center said that the gross domestic product in the GCC countries continued to achieve high levels of growth in the second quarter of this year compared to previous quarters. As a result of the improvement in economic conditions and the significant rise in global oil prices, from $68.8 a barrel in the second quarter of 2021 to $113.5 in the same quarter of this year.
The weekly summary of the center indicated that the non-oil sector in Saudi Arabia contributed 61.3% of the GDP in the second quarter, while the oil sector contributed 38.7%.
The Gulf Statistical Center stated that the GCC countries achieved high growth rates of gross domestic product at constant prices, in the second quarter of this year, compared to the same quarter of 2021, pointing out that Saudi Arabia achieved the highest rates by about $182.2 billion, followed by Qatar with $47.2 billion dollars, the Sultanate of Oman with 22.5 billion dollars, and Bahrain with 9 billion dollars.
The weekly summary indicated that the oil sector in Saudi Arabia witnessed a growth of 23.5% in the second quarter of this year, compared to the same quarter of 2021, while the non-oil sector grew by 6%.
The center said that the gross domestic product at constant prices in Saudi Arabia declined by 2.1% in the second quarter of this year, compared to an increase of 12.2% in the same quarter of 2021, indicating that data for the UAE and Kuwait for GDP are not available in the second quarter.