Saudi GDP grows 9.9% in Q1, beating flash estimate

DUBAI: Saudi Arabia's gross domestic product grew 9.9% in the first quarter, more than a flash estimate last month of 9.6%, official data showed on Tuesday.

"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, while oil activity was up 2.9% on a quarterly basis.

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Crude petroleum and natural gas activities were the highest contributor to GDP at 32.4%, the statistics authority said. Non-oil activity rose 3.7%, or 0.9% from the previous quarter.

Government activity increased by 2.4% year-on-year, but declined 0.9% from the fourth quarter.