Saudi GDP grows 9.9 percent in Q1, beating flash estimate: Official data

Saudi Arabia’s gross domestic product grew 9.9 percent in the first quarter, more than a flash estimate last month of 9.6 percent, official data showed on Tuesday.

“This growth is due to the high increase in oil activities by 20.3 percent,” the General Authority for Statistics said. GDP growth was 2.6 percent higher than in the fourth quarter, while oil activity was up 2.9 percent on a quarterly basis.

Crude petroleum and natural gas activities were the highest contributors to GDP at 32.4 percent, the statistics authority said.

Non-oil activity rose 3.7 percent or 0.9 percent from the previous quarter. Government activity increased by 2.4 percent year-on-year but declined 0.9 percent from the fourth quarter