Saudi Arabia’s economy grew by 9.6% in the first three months of 2022, compared to the same period last year, according to flash estimates by the General Authority for Statistics. on Sunday,
A recovery in the oil sector saw activity increase by 20.4%, fueling the strongest growth in over a decade.
Non-oil activity also increased by 3.7%, the estimates showed.
“Oil activities led the real Gross Domestic Product of Saudi Arabia to achieve the highest growth rate in the last 10 years,” the Saudi statistics authority said in initial estimates published online.
The announcement follows an IMF estimate that the Saudi economy is set to grow by 7.6% in 2022.
The preliminary estimates come amid Saudi Arabia resistance to US requests for the nation to increase output and ease the strain of rising oil prices. The Biden administration has repeatedly requested the measure, but the Saudi regime has said that such a move would require a renegotiation of OPEC quotas and could lead to further market volatility.
The Russian invasion of Ukraine and the resulting jump in commodity prices has provided a windfall to oil-producing nations like Saudi Arabia, which may also explain their reluctance to implement measures that rein in prices.