Home ›› Global Economy

Saudi Arabia's economy estimated to grow 9.6% in Q1, driven by oil

Reuters
02 May 2022 15:09:22 | Update: 02 May 2022 15:32:03
Saudi Arabia's economy estimated to grow 9.6% in Q1, driven by oil
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021 - Reuters Photo

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.

×