16:39 - 1.08.2022

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August 1, Fineko/abc.az. Saudi Arabia's economy grew by 11.8% in the 2nd quarter, a record pace since 2011, ABC.AZ reports with reference to the Main Statistical Office of the country.

According to preliminary estimates, the oil sector grew by 23.1% against 2021, while the nonoil sector by 5.4%. Against this background, unemployment in Saudi Arabia fell to its lowest level since 2008. It reached 10.1% in the 1st quarter of the year compared with 11% last month.

Since the beginning of the year, against the background of events in Ukraine, oil has risen in price more than by 40%.

Saudi Arabia's revenues have risen sharply thanks to $100 oil and increased production. GDP from oil is expected to grow by 19% this year.