Saudi Arabia’s GDP jumped 9.9% in the first quarter, the highest level in a decade, and was higher than expected by 9.6%.
This is the highest growth since the third quarter of 2011 with rising oil production being a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
“The growth is due to the high increase in oil activities by 20.3%,” the general statistical authority said.
GDP growth was 2.6% higher than in the fourth quarter on a seasonally adjusted basis, while oil activity increased by 2.9% on a quarterly basis.
Crude oil and gas activities were the ones that contributed the most to GDP, by 32.4%.
Non-oil activity increased by 3.7% or 0.09% compared to the previous quarter.
Source: Capital
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