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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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Watchdog FATF Places Lebanon on Financial Crime Watchlist

People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)
People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)
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Watchdog FATF Places Lebanon on Financial Crime Watchlist

People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)
People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)

Lebanon has been placed on the so-called "grey list" of countries under special scrutiny by financial crime watchdog FATF, FATF said on Friday.

"Of course we recognize the extreme, grave situation that Lebanon is currently facing," Elisa de Anda Madrazo, the watchdog's president, told journalist.

"Lebanon's status on the grey list should not impede relief efforts ... We are working to make sure that channels of humanitarian aid remain open," she added.

Lebanon has been in a financial crisis since 2019 that has been left to fester by the country's leaders and now faces growing damage from Israeli airstrikes and ground operations against Hezbollah.

Madrazo said Lebanon had been accorded some flexibility regarding deadlines set in its action plan, but did not provide details at the news conference.

A source told Reuters earlier on Friday that the war had led the FATF to give Lebanon until 2026 instead of 2025 to address the issues that led to its grey-listing, including concerns over terrorism financing and a lack of judicial independence.

The grey-listing is likely to further deter investment in Lebanon and could affect the relationship between some Lebanese banks and the global financial system.