S. Arabia’s economic growth slows to 4.7 percent in Q1

06 Jul 2014

(MENAFN) Saudi Arabia’s economic growth slowed to an annual rate of 4.7 percent in the January-March period of 2014 as labor market measures limited activity in some sectors, Gulf Daily News reported.

In the October-December period, economic growth in the world’s top oil exporter reached 5 percent, the fastest pace since the third quarter of 2012.

On a quarterly basis, gross domestic product growth accelerated to 3.4 percent, the fastest clip in a year, from 2.7 percent in the previous quarter, the Central Statistics Office data show.

“It is certainly the change in the labor market affecting the annual growth, (but) the quality of growth is improving. It’s spread over more sectors than the top three,” head of research at Jadwa Investment said.

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