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GASTAT: Saudi Economy Records 3.8% Growth in Q1 of 2023

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser
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GASTAT: Saudi Economy Records 3.8% Growth in Q1 of 2023

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser

The real GDP of Saudi Arabia grew by 3.8% in the first quarter of 2023, compared to Q1 of 2022.

Estimates of GDP for Q1 of 2023, issued Thursday in a report by the General Authority for Statistics (GASTAT), showed a 5.4% increase in non-oil activities in Q1 of 2022, a 4.9% increase in government activities in Q1 of 2022, and a 1.4% increase in oil activities in Q1 of 2022.

According to the report, seasonally adjusted real GDP decreased by 1.4% in Q1 of 2023 compared to Q4 of 2022.

GASTAT is the only official reference for statistical data and information in Saudi Arabia. It carries out all statistical work, as well as the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, analyzes data and information, and documents and archives all works containing information and statistical data on all aspects of life in Saudi Arabia. It writes, classifies and analyses data, and extracts indicators from it.

 

 

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.