Saudi Arabia’s economy grows by 3.9percent

Saudi Arabia’s economy grew by 3.9 per cent year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product.

The growth is attributed to activities in the non-oil sector.

Non-oil activities grew by 5.8 percent in the first quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while oil activities grew by 1.3 percent.

Government services activities grew by 4.9 percent, it added.

However, growth slowed compared to the fourth quarter of 2022, when GDP grew 5.5 percent year-on-year.

Meanwhile, seasonally adjusted real GDP decreased by 1.3 percent in the first quarter of this year, compared with the previous quarter as a result of a decline in oil activities by 4.8 percent, the report said.

The IMF says the Saudi economy grew 8.7 percent last year.