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7 Jun 2022

Saudi GDP grows 9.9% in Q1, recorded as the Fastest Growth in a Decade

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Official data showed on Tuesday that the Saudi Arabia's gross domestic product grew 9.9% in its first quarter, and was recorded as the fastest in a decade and more than a flash estimate last month of 9.6%.

Monica Malik, chief economist at Abu Dhabi Commercial Bank said that this the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor.

The General Authority for Statistics also said that, "This growth is due to the high increase in oil activities by 20.3%."

Recent data shows that its GDP growth was 2.6% higher than in the fourth quarter on a seasonally-adjusted basis, while oil activity was up 2.9% on a quarterly basis. Crude petroleum and natural gas activities were the highest contributor to GDP at 32.4%, the statistics authority said. Non-oil activity rose 3.7%, or 0.9% from the previous quarter. Government activity increased by 2.4% year-on-year, but declined 0.9% from the fourth quarter.

the General Authority for Statistics also added that "All economic activities recorded positive annual growth rates in the first quarter of 2022."

Recent data shows that the Saudi’s GDP per capita amounted to 26,961 riyals ($7,187) in the first quarter of 2022, up 33.8% from the same quarter in 2021. "The underlying data still points to a healthy pace of expansion in the non-oil sector," Malik added.

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