Saudi Arabia 's economy expanded by 9.6% in the first quarter from a year ago, according to government statistics.- That marks the highest quarterly growth in gross domestic product since 2011.
Surging
The nation's gross domestic product rose by 9.6% year-on-year in the first quarter, per the Saudi General Authority for Statistics. If that number is confirmed, it would mark the highest number since the third quarter of 2011.
Saudi Arabia's oil activities, government data shows, increased by 20.4%, while non-oil activities increased by 3.7%.
The petrostate has benefited from the rally in oil prices, which began surging last year. Then
The International Monetary Fund has estimated that the Saudi economy will hit $1 trillion this year for the first time ever. The country also said it expects its first budget surplus since 2013, while S&P and Fitch Ratings have upgraded the outlook for Saudi Arabia's sovereign debt from stable to positive.
In a Thursday note,