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FINANCIAL NEWS
Saudi GDP expands 3.8 percent in Q2 on rising oil output
01 Sep 2015
(MENAFN) Data showed that Saudi’s economic growth expanded to its fastest pace in over a year in the second quarter, driven by rising oil production of the gulf country.
Gross domestic product (GDP) expanded by 3.8 percent in the April-June period of 2015, accelerating from a revised 2.3 percent registered in the first quarter, the state statistics department said.
The second-quarter figure marked the fastest growth since the 6.4 percent in the first quarter of 2014, indicating that the world’s biggest oil exporter is still comfortable with cheap oil prices.
However, analysts think Saudi Arabia can’t escape the impact of cheap oil indefinitely, as forecasts indicate that growth looks like its heading to slow in the coming months as low oil prices continue.
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