Mashable: Saudi Arabia's economy rose 9.9% in the first quarter of 2022, the fastest rate of growth in the last ten years, owing to increased activity in the oil sector.

Saudi Arabia's economy rose 9.9% in the first quarter of 2022, the fastest rate of growth in the last ten years, owing to increased activity in the oil sector, according to the latest government figures.

The General Authority for Statistics (GASTAT) revealed that the kingdom's oil-related economic activity increased by 20.3% annually, while non-oil economic activity increased by 3.7% during the first three months of the year.

The rise of the Arab world's largest economy was aided by a 2.4 per cent increase in government services operations.

The latest figures come as oil prices have risen on supply concerns as the EU tries to impose sanctions on Russian oil and gas imports.

Saudi Arabia's economy has made a significant recovery from the impact of the coronavirus pandemic, owing to increased oil revenues and improved non-oil GDP.

According to the GASTAT data, the seasonally adjusted real GDP in the Kingdom increased by 2.6 per cent in the first quarter of this year compared to the same period in 2021.

The GASTAT said that the Kingdom's exports climbed by 22.1 per cent on an annual basis and 3.6 per cent quarterly in the first quarter, while imports increased by 20.4 per cent on an annual basis and 10.1 per cent on a quarterly basis.

Furthermore, Saudi Arabia and other OPEC+ members agreed to accelerate oil production increases to compensate for Russian output losses owing to Western sanctions imposed in response to the country's invasion of Ukraine.

The International Monetary Fund (IMF) raised Saudi Arabia's economic growth outlook from 3.2 per cent in 2021 to 7.6 per cent in 2022, citing rising oil output and prices.