Oil boosts growth in Saudi Arabia

The Saudi Arabian economy recorded its fastest growth in 11 years in the second quarter of the year due to rising oil prices and rising production. Saudi Arabia recorded 11.8 percent growth in the second quarter of the year. Thus, the fastest growth performance since 2011 was achieved. The contribution of rising oil prices and oil production in the second quarter of the year was significant. The country's gross domestic product excluding oil, known as the main source of employment, grew by 5.4 percent in the same period. The oil economy also grew by 23.1 percent in the second quarter of the year. Saudi Arabian Finance Minister Mohammed Al-Jadaan stated that they predicted the oil economy would grow by 19 percent this year. The performance in growth was also reflected in employment data. Unemployment among Saudi Arabian citizens reached its lowest level since 2008.