The Kingdom’s economy showed strong figures in this year’s quarter and it is all thanks to the rising prices of oil and a great improvement in the non-crude sector. According to Saudi Gazette, the National Accounts publication of the first quarter of 2018 showed the HUGE recovery of the Kingdom’s economy, with annual real GDP growth of 1.2% in the first quarter.
This is, indeed, an amazing progression since the economy’s slowdown in 2017.
The factors that lead to this growth come from both oil and non-oil sectors
That’s right. It seems plans and progressions towards Vision 2030 is coming in strong as the 1.2% growth announced by the General Authority for Statistics shows that this was also a result of non-oil related sectors.
The oil sector grew by 0.6% in the first quarter as opposed to the 4.3% drop in the same quarter last year. Alternatively, the non-oil sector grew by 1.6% in the first quarter of 2018 compared to its 1.3% growth for Q1 last year.