Saudi Arabia economy grows at fastest pace in decade on oil boom
Saudi Arabia is the world's biggest oil exporter and has benefited from a price surge in the past year, first due to demand recovering from the coronavirus pandemic and then to Russia's invasion of Ukraine
Saudi Arabia's economy grew at the fastest pace in more than a decade in the first quarter- riding on booming oil prices and rising production.
Gross domestic production rose by 9.6% year-on-year, reports Bloomberg citing the Saudi General Authority for Statistics
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That's the highest figure since the third quarter of 2011, the report added.
Non-oil GDP expanded by 3.7%, compared with 4.7% in the final quarter of 2021.
Saudi Arabia is the world's biggest oil exporter and has benefited from a price surge in the past year, first due to demand recovering from the coronavirus pandemic and then to Russia's invasion of Ukraine.
Brent is up 38% in 2022 to $107 a barrel, having climbed 50% last year.
OPEC+, a group of oil exporters led by Saudi Arabia and Russia, has also been increasing production. Riyadh pumped 10.3 million barrels a day of crude in March, the most since April 2020.
