Saudi Arabia’s construction sector has recorded its highest quarterly growth in the second quarter of 2022 since 2014, a local report said on Tuesday.
The sector, one of the largest components of the Saudi GDP, jumped by nearly 8.8 percent in the second quarter to reach 28.5 billion Saudi riyals ($7.6 billion), nearly 4.18 percent of the Gulf Kingdom’s GDP and 10.1 percent of the non-oil GDP in the same period, the Arabic language daily Aliqitisadia said, citing government data.
“Growth in the construction sector in the Kingdom in the second quarter of this year was the highest quarterly rise recorded since 2014,” the paper said.
It said the rise boosted the sector’s share of non-oil GDP from around 10 percent in the second quarter of 2021, adding that the Saudi GDP surged by around 12.2 percent to 683.1 billion ($182.2 billion) in the second quarter of 2022 from around 609 billion riyals ($162.4 billion) in the second quarter of 2021.
(Writing by Nadim Kawach; Editing by Anoop Menon)