Saudi economy booms from oil windfall, as Q2 GDP sees fastest growth in 11 years

OPEC kingpin Saudi Arabia has reaped the benefits of higher oil prices and higher production, with its second quarter GDP rising by an 11-year record 11.8% from the same period in 2021, its General Authority of Statistic reported July 31. “This dynamic growth was mainly due to the increasing in oil activities by 23.1%,” which includes producing and refining crude…