Saudi GDP grows 9.9% in Q1, beating flash estimate – official data
2022.06.07 10:31
FILE PHOTO: A Saudi flag flutters atop the Saudi Arabia’s embassy in Beirut, Lebanon May 18, 2022. REUTERS/Mohamed Azakir
DUBAI (Reuters) – Saudi Arabia’s gross domestic product grew 9.9% in the first quarter, more than a flash estimate last month of 9.6%, official data showed on Tuesday.
“This growth is due to the high increase in oil activities by 20.3%,” the General Authority for Statistics said. GDP growth was 2.6% higher than in the fourth quarter, while oil activity was up 2.9% on a quarterly basis.
Crude petroleum and natural gas activities were the highest contributor to GDP at 32.4%, the statistics authority said.
Non-oil activity rose 3.7%, or 0.9% from the previous quarter. Government activity increased by 2.4% year-on-year, but declined 0.9% from the fourth quarter.
