Saudi Arabia: Q2 GDP growth unchanged on second reading

Saudi Arabia's Q2 real GDP growth was confirmed at 3.9% y/y, with non-oil growth at 4.6% y/y and oil growth at 3.8% y/y.
Government spending and infrastructure projects are driving non-oil growth, with USD 440 billion in committed projects and USD 1.55 trillion in the pipeline.
Consumer spending remains strong, and this is reflected in the strong performance of sectors like wholesale & retail trade, restaurants & hotels which saw growth of 6.6% y/y.

Daniel Richards