Saudi Arabia’s GDP grows 5.94% in Q1

07 Jun 2012

(MMENAFN) A recent official report said that the Saudi Arabia’s economy, adjusted for inflation, registered 5.94 percent growth in the first quarter compared to a year earlier, Reuters reported.

However, this was slightly slower than 6.6 percent growth recorded in the fourth quarter of 2011, the department of statistics said.

According to the report, the private sector grew by 6.33 percent in real terms last quarter, while the public sector recorded 4.24 percent growth. The oil sector grew 7.17 percent.

Overall exports from the Gulf kingdom rose by 22.94 percent to USD102 billion on the back of high oil prices and energy production, while imports increased 16.11 percent to USD48.52 billion.

Brent crude oil price has dropped during the last couple of weeks of the first quarter reaching USD95 bottom from USD120, hinting that Saudi Arabia’s economic growth may slow further later this year.

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