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FINANCIAL NEWS
Saudi GDP expands near 6% in Q3: Jadwa
23 Dec 2012
(MENAFN) A recent report by Jadwa Investment estimated Saudi Arabia’s third-quarter economic growth at almost a 6-percent pace, driven by its non-oil sectors, Arabian Business reported.
The report added that in real terms, adjusted for price movements, the gross domestic product (GDP) grew by 5.87 percent in the June-September period.
The year-on-year expansion rate in the third quarter was higher than the 5.5 percent GDP growth in the second quarter, the report said.
This is because the second quarter growth was driven mainly by the private sector, while in the recent quarter it was boosted by a higher government contribution.
Jadwa said the overall non-oil public sector expanded by 12.2 percent year-on-year. Most of this growth was sourced from higher government services which expanded by 13.4 percent year-on-year.
The second fastest growing sector in the quarter was the transport and communication at 8.7 percent year-on year, followed by utilities and construction which both registered solid growth of 8.4 percent and 8.1 percent respectively.
On the other hand, the manufacturing sector has cooled to 2.5 percent year-on-year.
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