Saudis economy reigns supreme as it announced that the country's GDP beat expectations and grew by 9.9%, the fastest in a decade. Buoyed by increased activity in the oil sector, it was the fastest economic expansion for the kingdom since the third quarter of 2011. Oil activities increased by 20.3%, while non-oil economic activity grew by 3.7% during the period, according to the General Authority for Statistics data. In addition, restaurants and retail activities increased by 6.3% from the previous year, and exports grew by 22.1%.
Despite the limited global oil capacity and high oil prices, their economy is in a strong position. Crude petroleum and natural gas activities were the highest contributors to GDP at 32.4%. Government services activities also increased by 2.4 per cent, supporting the growth of the Arab world's largest economy.
Elsewhere in the region, Gulf neighbours UAE also pulled up some impressive numbers. In a series of tweets, Sheikh Mohammed outlined the nation's upward trajectory, starting with the fact that the nation outdid the World Bank's expectations by achieving growth of 3.8% against a prediction of 2.1%.