By Innovation-sa on July 11, 2018 in News
The National Accounts publication of the first quarter of 2018 indicated a significant recovery of Saudi Arabia’s annual real GDP growth after it increased by 1.2 percent in Q1, 2018 year-on-year, reported the General Authority for Statistics.
The recovery of Saudi economy comes after four consecutive quarters of recession and indicates the resilience of the Kingdom’s economy as well as its ability to recover from both the reduction in oil prices and the structural reforms.
The accelerated growth of both oil and non-oil sectors has led to the recovery of the Saudi economy following the slowdown in 2017. The oil sector increased 0.6 percent in Q1 compared to a drop of 4.3 percent in the same quarter in 2017 while the non-oil sector escalated 1.6 percent in Q1 2018 compared to 1.3 percent growth in Q1 2017 year-on-year.
The growth in non-oil manufacturing sector by 4.6 percent and mining sector by 6.3 percent contributed significantly to the progression of the ailing economy. Moreover, government services and financial service sectors also added to its recovery.
Saudi Gazette – 2 July 2018