Saudi Arabia's Economy Estimated to Grow 9.6% in Q1, Driven by Oil

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Saudi Arabia's economy grew by 9.6% in the first quarter of 2022, compared to a year earlier, according to flash government estimates on Sunday, as a recovery in the oil sector drove the strongest growth in more than a decade, Reuters reported. During the first quarter, oil activity in Saudi Arabia increased by 20.4% and non-oil activity by 3.7%, the estimates showed. If the estimates are confirmed, they would mark the highest growth rate since 2011, the Saudi General Authority for Statistics said. Read more.