Saudi Arabia economy grows at fastest pace in decade on oil boom
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
June 27, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, JUNE 27, 2022
Saudi Arabia economy grows at fastest pace in decade on oil boom

Analysis

TBS Report
01 May, 2022, 06:50 pm
Last modified: 01 May, 2022, 07:43 pm

Related News

  • Oil rises on market caution over tight supply
  • Oil rebounds after steep drop, underpinned by tight supplies
  • How the Ukraine conflict is reshaping global oil markets
  • Oil climbs in tight market as US driving season looms
  • Oil prices climb on hopes of China demand recovery

Saudi Arabia economy grows at fastest pace in decade on oil boom

Saudi Arabia is the world's biggest oil exporter and has benefited from a price surge in the past year, first due to demand recovering from the coronavirus pandemic and then to Russia's invasion of Ukraine

TBS Report
01 May, 2022, 06:50 pm
Last modified: 01 May, 2022, 07:43 pm
Saudi Arabia economy grows at fastest pace in decade on oil boom

Saudi Arabia's economy grew at the fastest pace in more than a decade in the first quarter- riding on booming oil prices and rising production.

Gross domestic production rose by 9.6% year-on-year, reports Bloomberg citing  the Saudi General Authority for Statistics

 

That's the highest figure since the third quarter of 2011, the report added.

Non-oil GDP expanded by 3.7%, compared with 4.7% in the final quarter of 2021.

Saudi Arabia is the world's biggest oil exporter and has benefited from a price surge in the past year, first due to demand recovering from the coronavirus pandemic and then to Russia's invasion of Ukraine.

Brent is up 38% in 2022 to $107 a barrel, having climbed 50% last year.

OPEC+, a group of oil exporters led by Saudi Arabia and Russia, has also been increasing production. Riyadh pumped 10.3 million barrels a day of crude in March, the most since April 2020.
 

 

 

Top News / World+Biz / Global Economy

Saudi oil / Saudi Economy / oil market

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Padma Bridge: Photo: Mumit M/TBS
    Sleepy south stirs to new possibilities
  • Photo: Collected
    2 motorcyclists killed in first accident on Padma Bridge
  • Photo: TBS
    Motorcycles banned on Padma Bridge 

MOST VIEWED

  • Supreme Court Police line up outside the United States Supreme Court as the court rules in the Dobbs v Women's Health Organization abortion case, overturning the landmark Roe v Wade abortion decision in Washington, US on 24 June 2022. Photo: Reuters
    Supreme Court conservatives assert power with abortion, gun rulings
  • How Sri Lanka’s financial crisis could become the world’s
    How Sri Lanka’s financial crisis could become the world’s
  • Global currency wars have begun because, well, inflation
    Global currency wars have begun because, well, inflation
  • The Semiconductor Manufacturing International Corp. headquarters in Shanghai.Photographer: Qilai Shen/Bloomberg
    US sanctions help China supercharge its chipmaking industry
  • Youth unemployment is soaring.Source: China Photos/Getty Images
    Xi Jinping, China’s chief career planning officer?
  • Shams Mahmud. TBS Sketch
    Apparel may see fewer orders as brands stuck with excess inventory

Related News

  • Oil rises on market caution over tight supply
  • Oil rebounds after steep drop, underpinned by tight supplies
  • How the Ukraine conflict is reshaping global oil markets
  • Oil climbs in tight market as US driving season looms
  • Oil prices climb on hopes of China demand recovery

Features

Photo: Noor A Alam

The reign of oversized pantsuits

21h | Mode
Photo: TBS

A dream dreamt and then delivered

1d | Panorama
In pictures: 2022 Dhaka Motor Show

In pictures: 2022 Dhaka Motor Show

1d | Wheels
Our team full of hope and mettle, before we entered the disaster zone. PHOTO: SWAMIM AHMED

How we survived 4 days in Sunamganj flood

2d | Panorama

More Videos from TBS

Jalamije becomes Georgian citizen to play Wimbledon

Jalamije becomes Georgian citizen to play Wimbledon

11h | Videos
Sievierodonetsk falls to Russia

Sievierodonetsk falls to Russia

15h | Videos
'Anondolok' is a fun field of dance,music and culture

'Anondolok' is a fun field of dance,music and culture

17h | Videos
Learn all about sports in Khelbei Bangladesh

Learn all about sports in Khelbei Bangladesh

20h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Photo: Prime Minister's Office
Bangladesh

New investment in transports as Padma Bridge set to open

3
Japan cancels financing Matarbari coal project phase 2
Bangladesh

Japan cancels financing Matarbari coal project phase 2

4
Desco wanted to make a bold statement with their new head office building, a physical entity that would be a corporate icon. Photo: Courtesy
Habitat

Desco head office: When commitment to community and environment inspires architecture

5
Photo: TBS
Infrastructure

Gains from Padma Bridge to cross $10b, hope experts

6
20 businesses get nod for $326m foreign loan for expansion
Economy

20 businesses get nod for $326m foreign loan for expansion

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Five aircraft of the Bangladesh Air Force performing in an airshow on Saturday. PHOTO: ISPR

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net