The Saudi economy pulled out of recession in the first quarter of 2018 thanks to oil price rises, a think-tank said Tuesday (June 5th).
Capital Economics said the oil-dependent Saudi economy grew by 1.5% in the first quarter, after having contracted by 0.7% in 2017, AFP reported.
"The oil sector was the main driver of the recovery," the London-based group said.
Oil prices surged to around $80 a barrel last month from under $30 a barrel in early 2016 after OPEC and non-OPEC producers struck a deal to cut output.
