Riyadh - Mubasher: Saudi Arabia has recorded a 9.9% year-on-year (YoY) growth in its real gross domestic product (GDP) during the first quarter (Q1) of 2022, marking the highest growth rate since 2011.
Higher GDP is attributed to a rise in oil activities by 20.3% YoY in Q1-22, non-oil activities by 3.7%, and government activities by 2.4%, according to the latest data by the Saudi General Authority for Statistics (GASTAT).
The crude petroleum and natural gas and petroleum refining activities annually jumped by 20.7% and 17.3%, respectively.
Meanwhile, the wholesale and retail trade, restaurants, as well as hotels group grew by 6.3% in the first three months (3M) of 2022, when compared to Q1-21.
