Saudi Arabia GDP climbs nearly 12% in 2nd quarter on oil gains

RIYADH: Saudi Arabia’s year-on-year economic growth hit nearly 12 percent for the second quarter, led by a surging oil sector, the government’s statistics agency said Sunday.
The Middle East’s largest economy has benefited from a spike in oil prices triggered by Russia’s invasion of Ukraine, and has largely resisted appeals from Western countries to raise output in order to bring prices down.
Growth in the second quarter was 11.8 percent compared to the same period last year, according to initial “flash” estimates published by the General Authority for Statistics.