Saudi Arabia's economy grew by 3.8% in the first quarter of 2021 compared to the same period in the previous year, driven mainly by the non-oil sector, according to initial estimates by the General Authority for Statistics (GASTAT).
Non-oil activities increased by 5.4% during the first three months of the year, with positive growth rates recorded in most economic activities, particularly in community, social, and personal activities, which grew at the highest pace of 12.9% year-on-year.
The kingdom's gross domestic product (GDP) amounted to $268 million (SAR 1.01 billion) in the first quarter, with crude oil and natural gas activities contributing the most at 26.7%.
While non-oil private sector activity in Saudi Arabia slowed in May, firms increased their purchases of inputs, and new order inflows continued to rise in the non-oil private sector, indicating positive business confidence.
Moody's recently raised the country's economic growth projections for 2023 and 2024, affirming Saudi's A1 credit rating with a stable outlook, driven by the government's fiscal policy effectiveness.
