Saudi Arabia’s gross domestic product rose at constant prices year on year by 3.8% in the first quarter of this year, according to the Kingdom’s General Statistics Office.
According to the Al-Eqtisadiah newspaper, the growth recorded in the first quarter of 2023 is the eighth quarterly increase (since the first quarter of 2021) after seven quarters of decline due to the outbreak of the coronavirus pandemic.
This is despite the fact that this growth is the lowest since the second quarter of 2021, when it rose by 3.1%.
Saudi Arabia’s GDP consists of two regulatory sectors, oil and non-oil, which “comprises the private and public sectors”.
The GDP of the oil sector increased by 1.4% as a result of a slight increase in oil production, which is the lowest since the second quarter of 2021, when it fell to 7%.
While the non-oil sector led economic growth, reaching 5.4%, continuing its growth for the ninth consecutive quarter (after a 1% contraction in the fourth quarter of 2020).
Source: Economic
