Business

Saudi Arabia’s GDP is expected to grow 9.6% in the first quarter, fueled by oil

Saudi Arabia’s GDP is expected to grow 9.6% in the first quarter, fueled by oil

According to preliminary official estimates released on Sunday, Saudi Arabia’s GDP expanded by 9.6% in the first quarter of 2022, the fastest rate in more than a decade, thanks to a comeback in the oil industry.

According to the estimations, oil activity in Saudi Arabia climbed by 20.4 percent in the first quarter, while non-oil activity increased by 3.7 percent.

If validated, the growth rate would be the greatest since 2011, according to the Saudi General Authority for Statistics.

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