Saudi Arabia’s economy saw a 1.2 % growth in the second quarter of this year, slightly higher than initial estimates, thanks to a significant expansion in the non oil sector.The Kingdom’s gross domestic product for this period reached 970 billion riyals ($258.66 billion), according to the General Authority for Statistics (Gastat). While crude petroleum and natural gas activities remained significant contributors at 25% of the GDP, the non-oil sector outshone, growing by 6.1% annually, surpassing initial estimates. Government services also saw a 2.3% annual increase, contributing to the overall economic growth.

Various sectors showed positive growth rates during this period, with transport, storage, and communication activities leading the way, expanding by 12.9% year on year and 3.1% quarter on quarter. Wholesale and retail trade, restaurants, and hotel activities grew by 9.8% annually, and community, social, and personal services activities recorded a 9% yearly growth rate. This growth reflects Saudi Arabia’s efforts to diversify its economy away from oil and enhance the non-oil sectors, contributing to its economic resilience and stability.