Saudi Economy Grows at Fastest Rate in Nearly a Decade - BNN

(Bloomberg) --

Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government. 

Gross domestic product expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest pace since 2012, when oil prices averaged $122 a barrel. It grew 5.8% compared to the previous three months.

The oil sector grew 9% year-on-year, while the non-oil economy -- the engine of job creation -- expanded by 6.2%. 

It grew 1.6% from the previous quarter, when non-oil activity performed worse than expected.

The economy contracted by 4.1% last year due to a combination of the pandemic and oil market turmoil but has rebounded rapidly as Covid-19 restrictions wind down and global energy demand picks up. 

©2021 Bloomberg L.P.

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Saudi Economy Grows at Fastest Rate in Nearly a Decade - BNN
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