Saudi Arabia’s economy grew at the fastest pace since 2012 in the third quarter compared to the previous year, according to official figures, as the world’s leading oil exporter benefits from a recovery in global energy demand.
“This positive growth is due to the high 9% increase in oil activity as a result of the increase in global crude oil production and the increase in Saudi Arabia’s production in 2021,” the general statistical authority said.
Seasonally adjusted GDP grew by 5.8% on a quarterly basis, while oil activities increased by 12.9%.
The largest Arab economy was hit hard last year by the dual shock of the pandemic and record low oil prices.
However, the economy has recovered this year, amid easing restrictions on coronavirus, vaccines and higher crude prices.
Non-oil activities showed an annual increase of 6.2% in the third quarter.
“Saudi Arabia’s economic recovery is likely to have accelerated in the third quarter and should remain strong for the rest of the year and 2022, supported by rising oil production,” said Capital Economics.
The government predicted in September that the economic recovery would reach 2.6% in 2021 and 7.5% in 2022.
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Source From: Capital
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