FINANCIAL NEWS

Saudi GDP accelerates to 3.6 percent in 2014

05 Jan 2015

(MENAFN) According to a report by Jadwa Investment, Saudi real GDP growth improved in 2014 as oil sector grew higher than expected, while the nonoil sector continued its healthy expansion, recording a strong growth and continuing to be the main driver of overall GDP growth, SAUDI Gazette reported.

The report indicated that Saudi real GDP growth accelerated from 2.7 percent in 2013 to 3.6 percent in 2014, while the oil sector registered a growth by 1.7 percent in 2014.

Meanwhile, the inflation rate slowed down in November as both the food and housing components slowed, with food inflation declining for the first time since July, while rental inflation, the major subgroup of the housing component, recorded a slight slowdown as well.

The report also showed that the kingdom’s current account surplus fell to USD22.4 billion during the July-September period of 2014, down from USD31.9 billion recorded in the second quarter of 2014, while both imports and exports recorded a decline in the third quarter too.

‘We believe that the annual surplus would be lower than the USD106.4 billion announced in the budget statement. Both imports and exports fell, with a larger fall in imports resulting in a slight improvement in the trade balance,’ Jadwa said.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more