GNN on Google Play Store GNN on Apple App Store
Connect with us

Business

Saudi Arabia's economy estimated to grow 9.6pc in first quarter

According to the government estimates, the growth is based on recovery in oil sector

Published

2 years ago

on

By

Saudi Arabia's economy estimated to grow 9.6pc in first quarter
GNN Media: Representational Photo

Saudi Arabia's economy grew by 9.6% 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% and non-oil activity by 3.7%, the estimates showed.

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

SOURCE: REUTERS

Continue Reading

Trending