Saudi Arabia's Q1 Economic Growth Driven by Non-Oil Activities.
Saudi Arabia's economy grew by 3.9% YoY in Q1 2023, boosted by non-oil activities which grew by 5.8%, while oil activities grew by 1.3%. However, seasonally adjusted real GDP decreased by 1.3% in Q1 2023 compared to the previous quarter due to a decline in oil activities. The IMF projects that Saudi GDP growth will more than halve to 3.1% this year.