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Saudi Arabia Record Strongest Growth in Decade due to Higher Oil Prices


Sun 01 May 2022 | 10:43 PM
Taarek Refaat

Saudi Arabia's economy grew 9.6% in Q1 of 2022, year-on-year, according to government estimates, as the recovery of the oil sector led the strongest growth in more than a decade.

Estimates showed an increase in oil activity in Saudi Arabia during the first quarter by 20.4% and non-oil activity by 3.7%.

The Saudi General Authority for Statistics said that if the estimates are confirmed, it will represent the highest growth rate since 2011.