Saudi economy grows at fastest rate in nearly a decade

Published 09 Nov,2021 via Bloomberg Markets–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.

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