Saudi GDP grows 9.9% in Q1, beating flash estimate | Reuters
Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed on Tuesday.
It was the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"This growth is due to the high increase in oil activities by 20.3%," the General Authority for Statistics said.
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.
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