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FINANCIAL NEWS
KSA posts 0.1 percent fall in economic growth over 2015
01 Jan 2016
(MENAFN) Saudi Arabia has revealed data that shows a clear view on the economic performance this year and prospects for 2016, for instance total economic growth dropped to 3.4 percent y-o-y slowing from 2014’s 3.5pct.
Additionally, the oil division grew by 3 percent year-on-year in 2015, however stripping out the oil and gas, nonoil economic growth was at 3.6 percent y-o-y with the private segment enhancing by 3.7 percent.
Both higher crude exports, from 7.1 million barrels per day in 2014 to an approximate 7.4 mbd in 2015, and increased refinery output led to oil sector growth, but the pace of growth in the nonoil economy did not fare as well.
Inflation was put at an average of 2.2 percent, as opposed to 2.7 percent in 2014, being in line with inflation data produced on a monthly basis by Central Department of Statistics and Information and is the lowest since 2006.
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