Saudi Arabia’s economy grew by 1.1% in Q2 of 2023

Riyadh: The Kingdom of Saudi Arabia’s gross domestic product (GDP) grew by 1.1% as compared to the previous year during the second quarter of 2023.

The GDP estimate showed an increase in non-oil activities in Q2 of this year. According to data issued by the Saudi General Authority for Statistics (GASTAT), on Monday, July 31, The seasonally adjusted real GDP posted a decrease of 0.1 percent in the second quarter of the current year compared to the previous quarter.

The Kingdom, which is the largest oil exporter in the world, seeks to diversify its economy to reduce dependence on oil revenues and increase the contribution of the non-oil sector to the gross domestic product, as part of its Vision 2030.

On April 25, Reuters predicted that the economies of the Gulf Cooperation Council (GCC) countries would grow at a much slower pace in 2023 compared to 2022. Because its resources were affected by the decline in revenues from crude oil sales and production cuts.