Saudi Arabia's economy estimated to grow 9.6% in Q1 on oil activities

Highest growth rate since 2011

Agencies file
Agencies file

By Reuters

Published: Sun 1 May 2022, 3:17 PM

Last updated: Sun 1 May 2022, 5:04 PM

Saudi Arabia's economy grew by 9.6 per cent in the first quarter of 2022, compared to a year earlier, according to flash government estimates on Sunday, as a recovery in the oil sector drove the strongest growth in more than a decade.

During the first quarter, oil activity in Saudi Arabia increased by 20.4 per cent and non-oil activity by 3.7 per cent, the estimates showed.

If the estimates are confirmed, they would mark the highest growth rate since 2011, the Saudi General Authority for Statistics said.

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