Saudi Arabia’s Booming and This Time It Isn’t Only About Oil

• Crude is still pivotal for success of crown prince’s overhaul
• Kingdom’s economy is the fastest growing in the Group of 20.

Gross domestic product expanded 11.8% in the second quarter, when the non-oil economy grew 5.4% and is now larger than at the end of 2019, before the pandemic struck. State energy company Saudi Aramco has reported the biggest quarterly adjusted profit of any listed company globally.

As much of the world is fretting about spiraling inflation fueled by Russia’s war in Ukraine and potential recessions, oil averaging more than $100 a barrel this year means Saudi Arabia’s economy is the fastest growing in the Group of 20.

https://www.bloomberg.com/news/articles/2022-08-21/saudi-arabia-s-booming-and-this-time-it-isn-t-only-about-oil?sref=n5LiIHhd#xj4y7vzkg