Riyadh: Saudi Arabia’s Gross Domestic Product (GDP) grew by 9.9 percent in the first quarter of 2022, surpassing May’s estimate of 9.6 percent.
Crude petroleum and natural gas activities were the contributor to GDP at 32.4 percent according to official data. Non-oil activity grew to 3.7 percent i.e. 0.9 percent from the previous quarter. Government activity rose by 2.4 percent year-on-year, it decreased by 0.9 percent from the fourth quarter.
“This growth is due to the high increase in oil activities by 20.3 percent,” said the General Authority for Statistics. GDP growth was 2.6 percent higher than that of fourth quarter.
Oil related activities witnessed an increase of 2.9 percent on a quarterly basis, reported Reuters.
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