• 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.

• Oil activities increased by 20.4%, while non-oil activities increased by 3.7%.

Surging oil prices and increased production gave Saudi Arabia its fastest quarterly economic growth in more than a decade, according to government forecasts.

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 Russia's invasion of Ukraine sent prices skyrocketing. Meanwhile, Saudi Arabia has been ramping up production under an agreement between OPEC and non-member partners to gradually undo pandemic-era cuts.

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, JPMorgan said the oil rally is set to continue. The energy sector remains its highest conviction investment as the commodity continues to rise.

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