RIYADH: Saudi Arabia’s economy is expected to have grown by around 5.7 per cent in the third quarter, thanks to a more robust hydrocarbon sector output, Arab News quoted Capital Economics, as saying, in a report.

The London-based firm added that the expected expansion would leave GDP approximately one per cent above its pre-pandemic level.

The flash estimates for Saudi’s third quarter GDP will be published next week by the country’s official statistics agency, but growth was only 0.7 per cent in the previous quarter.

In September, the oil production grew to 9.7 million barrels/day (bpd), the highest level since April 2020. This corresponded to a yearly increase of 12.1 per cent for oil output.

As for the research company’s outlook, it indicated that the increases in oil production, along with an easing of the Covid restrictions and a loosened fiscal policy, will only boost recovery further.

Currently, Capital Economics forecasts GDP growth to be 2.5 per cent this year and 7.3 per cent in the next year. Its projections lie above the consensus.