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Saudi GDP up 12.2% in Second Quarter, Exceeding Initial Estimate

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
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Saudi GDP up 12.2% in Second Quarter, Exceeding Initial Estimate

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

Saudi Arabia's real gross domestic product expanded by 12.2% in the second quarter compared with the same period of 2021, data showed on Wednesday, as the world's top oil exporter reaps the rewards of high crude prices and a post-pandemic recovery.

The second quarter growth figure exceeded a flash government estimate at the end of July of 11.8% GDP growth. The economy grew 2.2% from the first quarter.

"The growth is mainly due to the high increase in oil activities by 22.9% y-o-y," the General Authority for Statistics said.

The oil economy grew 4.4% in the second quarter from the first quarter.

Non-oil activities rose by 8.2% on an annual basis and 4.5% from the first quarter.

Government activities grew by 2.4% in the year to end-June, a 0.4% rise compared to the first quarter.

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Gold Hits Fresh High In Record-Setting Rally Amid Global Uncertainties

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Hits Fresh High In Record-Setting Rally Amid Global Uncertainties

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold rose to a fresh high on Monday, extending its blazing rally amid uncertainties surrounding the US election, simmering Middle East tensions and rate cuts by major central banks, while silver scaled a near 12-year peak.
Spot gold was up 0.3% at $2,727.95 per ounce, as of 0517 GMT, after hitting an all-time high of $2,732.73 earlier. US gold futures were 0.5% higher at $2,743.00.
Helped by bullion's rally, spot silver rose 0.9% to $33.95 per ounce, its highest since late 2012.
"The current market environment consists of interest rates moving south combined with heightened geopolitical risks - a scenario which suits gold on both fronts," said Tim Waterer, chief market analyst at KCM Trade.
Investors also digested news that China cut its benchmark lending rates following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy, Reuters said.
Gold demand in top consumer China has taken a hit amid high prices and an economic slowdown.
Elsewhere, traders are pricing in a 99% chance of a US Federal Reserve interest rate cut in November. The European Central Bank cut interest rates by a quarter point last week.
Lower interest rates enhance gold's allure, as bullion yields no interest. Gold is also considered a safe investment during times of economic and political turmoil.
The 2024 US presidential race between former President Donald Trump and Vice President Kamala Harris is neck and neck in the seven battleground states that will decide the Nov. 5 election.
In the Middle East, hundreds of Beirut residents fled their homes late Sunday, with multiple explosions heard, as Israel prepared to attack sites linked to the financial operations of the Hezbollah group.
For gold, "$2,800 looks to be a viable year-end target... There will be temptation to lock in some profits, which could slow the immediate upside," Waterer said.
Platinum rose 0.4% to $1,017.84 per ounce, its highest since mid-July. Palladium gained 0.5% to $1,084.97.