DUBAI: Saudi Arabia’s economy grew 1.2% in the second quarter, year-on-year, government data showed on Thursday, with non-oil growth vastly outperforming overall growth, which decelerated sharply from last year on the back of a decrease in oil activities.
Oil sector activities declined by 4.3% in the second quarter from the same period a year ago, data from the General Authority for Statistics showed, but non-oil activities surged 6.1%, driven by domestic demand.
Earlier official estimates had indicated GDP growth of 1.1%in Q2.
IMF projects Saudi Arabia budget deficit at 1.2% of GDP in 2023
Saudi Arabia’s economy grew 8.7% last year, allowing it to record its first budget surplus in almost a decade.
But cuts to production this year and lower prices have hit oil revenues and will weigh on growth.
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