Saudi Arabia reported its fastest economic growth rate in a decade as a booming oil sector fuelled a 9.6 percent rise in the first quarter over the same period of 2021.
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.
Growth in the oil sector reached 20.4 percent year-on-year in the first quarter, while the non-oil sector expanded 3.7 percent year-on-year, it said.The Ukraine war and the resulting rise in crude prices has been a boon to oil-producing states like Saudi Arabia, whose GDP is expected to grow by 7.6 percent in 2022, the International Monetary Fund said last week.
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