Saudi Arabia’s economy grows at fastest pace in a decade
Economy grew by 9.9% in the first quarter, with kingdom earning a $1 billion a day from oil sales.
Saudi Arabia’s economy has been on a rollercoaster ride since the global outbreak of the COVID-19 pandemic. In March 2020, oil prices plummeted to $18 a barrel on the back of an oil price war, while global demand slumped as the pandemic spread.
The kingdom’s crude export revenues dropped by 65% compared to April 2019. Oil prices stayed low throughout 2020 and much of 2021, well below the $77.6 a barrel the kingdom needed to balance its budget, known as the breakeven price.
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