24 Hrs
Source:
الاقتصادية
Saudi economy expands 3 percent
Saudi Arabia's economy grew by 3% during the first quarter of the year, exceeding the expected 2.8%, driven by an increase in the oil sector from 2.3% to 2.9% and the non-oil sector from 2.8% to 2.9%. Despite regional tensions, including the conflict between the US and Iran, Saudi Arabia managed to maintain strong oil exports, reaching 5 million barrels per day through the Yanbu port, with its capacity increased to 7 million barrels per day via the East-West pipeline. The financial services, insurance, and manufacturing sectors contributed mainly to the growth of the non-oil sector, which accounted for 55.2% of the economy. The International Monetary Fund revised downward its growth outlook for Saudi Arabia in 2026 but affirmed that the country demonstrates resilient capabilities in facing geopolitical challenges.
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