Saudi Arabia’s economy grew by 3.8 percent in the first quarter of 2023, driven by a recovery in the non-oil sector and growth in government activities, according to data released by the General Authority for Statistics, Thursday, which showed the growth of non-oil activities up 5.4 percent in the first quarter of this year, compared to the same quarter of the previous year.
The International Monetary Fund predicted on Tuesday that the momentum of non-oil growth in Saudi Arabia will remain strong at an average of 5 percent in 2023, adding: “This will continue to exceed its possible level thanks to strong consumer spending and the acceleration of project implementation and their role in boosting demand.”
Read: IMF issues key recommendations for Saudi Arabia
The statement issued by the authority revealed that the growth of government services activities increased by about 4.9 percent, and the non-oil sector achieved a growth of about 1.4 percent during the same period.
The figures showed that the output of the oil sector at constant prices reached 281 billion riyals ($75 billion), up 1.4 percent year-on-year, but recorded a decline of 4.7 percent compared to the fourth quarter of last year. The reading is an update to preliminary data released on May 7, which showed Saudi Arabia’s GDP grew by 3.9 percent.
For more on Saudi, click here.
