The oil Sector propels Saudi Arabia’s GSP growth with a 9.6% rise in the first quarter of a decade. The nation has registered nearly 10% growth as compared to the same period last year due to the high global crude prices.
According to the report, growth in the oil sector was 20.4% year-on-year, while growth in the non-oil sector was 3.7%.
On Sunday, preliminary results were released after Saudi Arabia resisted United States requests to boost output in order to rein in prices that have risen since the Ukraine war began.
The Saudi statistics authority said in its initial estimate published online, “Oil activities led the real Gross Domestic Product (GDP) of Saudi Arabia to achieve the highest growth rate in the last 10 years”. However, the agency said that the data for the quarter was “still incomplete” and could be revied”.
The International Monetary Fund said last week that as a result of the conflict in Ukraine and the subsequent rise in crude prices, oil-producing states such as Saudi Arabia are expected to see their GDP grow by 7.6% in 2022.
Rating agency Fitch also predicted last month that the kingdom will record a budget surplus in 2022 for the first time since 2013.
