Saudi Arabia's economy pulled out of recession in the first quarter of 2018, thanks to rising oil prices and a surge in the non-crude sector, authorities said Sunday (July 1st).
The kingdom's economy grew by 1.15% in the first three months of the year compared to the same period last year when it shrank by 0.84%, according to the General Authority for Statistics.
The body attributed the growth to a 2.7% jump in the non-oil sphere and a 0.62% rise in the oil sector, which contracted by nearly 2% in the first quarter of 2017.
Oil prices have been steadily rising since early 2016, when OPEC and non-OPEC producers struck a deal to cut output.
The cut in oil revenue -- which accounts for 70% of government income -- pushed the kingdom’s economy into negative territory last year for the first time since 2009.
