The Al-Eqtisadiah newspaper reported, according to official government data, that “Saudi Arabia’s constant price annualized gross domestic product grew by 9.9% in the first quarter of this year.” years, i.e. since rising by 13.6% in the third quarter of 2011, indicating that this growth exceeded the General Statistical Office’s quick estimate of 9.6%.
According to Al-Eqtisadiah, “The growth recorded in the first quarter of 2022 is the fourth quarterly increase after 7 quarters of decline due to the outbreak of the Corona virus pandemic, as the Saudi domestic product consists of two regulatory sectors, the oil sector, while the non-oil sector includes private and public sectors”, noting that “the domestic product of the oil sector grew by 20.3% due to the increase in oil production, which is the highest since the growth of 20.7% in the third quarter of 2011. Oil prices rose above $100 per barrel in the first quarter of this year, while the non-oil sector rose by 3.7%, the public sector also increased by 2.4%.
According to Al-Eqtisadiah, GDP rose 2.6% qoq, driven by a 2.9% increase in the oil sector, 0.9% growth in the non-oil sector and 0.9% growth in government activity.
Source: El Iktisad
