Capital Economics revealed that the Saudi economy emerged from recession in the first quarter of this year, expecting it to continue its recovery throughout the year and achieve a slightly stronger performance than most current forecasts.
The data showed that GDP grew at a quarterly rate of 1.3 percent, while the pace of contraction eased year-on-year from 4.3 percent in the fourth quarter of last year to 1.8 percent in the first quarter of this year.
The Saudi General Authority for Statistics revealed that the Kingdom's real GDP contracted 1.8 percent year-on-year in the first quarter of this year, attributing this to a contraction in oil activity by 10.6 percent, while non-oil activities recorded a growth of 2.8 percent.
Source (Al-Arabiya.net Website, Edited)
