INSEAD Day 4 - 728x90

EasyLease H1 profit $12.2m

Revenue rises on stronger operations.

FAB profit edges higher

Income growth supports steady earnings.

UAB H1 profit climbs

Income, lending drive first-half growth

Sanad posts record revenue

Growth driven by global demand for services.

Bank of Sharjah profit up 39%

Bank's total assets grow 10% to $14.4 billion.

Saudi economy grows 3.2% in 2021, the highest rate in 6 years

The new freight service will connect King Abdulaziz Port with six major regional and international ports. (AFP)
  • The economy expanded in 2021 by the highest annual rate since 2015
  • The economy grew thanks to the rise in non-oil sector by 6.1 percent, while oil activities showed a modest growth of 0.2 percent

Saudi Arabia has reported a robust growth in its economy, posting a 3.2 percent increase in the gross domestic product, a year after its economy struggled with recession.

The economy expanded in 2021 by the highest annual rate since 2015. Real GDP for the year 2021 grew by 3.2 percent compared to negative growth in 2020 of 4.1 percent, the General Authority for Statistics data showed.

The economy grew thanks to the rise in non-oil sector by 6.1 percent, while oil activities showed a modest growth of 0.2 percent. The government activities grew by 1.5 percent.