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FINANCIAL NEWS
Saudi real GDP growth rate down to 2.1% in Q1
15 Jul 2013
(MENAFN) Official data showed that Saudi real gross domestic product (GDP), adjusted for inflation, has grown at a slower pace in the first quarter form a year ago, Reuters reported.
According to the data from the Central Department of Statistics, the economy of the world’s largest oil exporter slowed to 2.13 percent in the quarter compared to 6.5 percent a year ago.
The statistics department revised its first quarter 2012 GDP growth figure to 6.5 percent from the 8.3 percent growth rate it announced in April.
The figures indicate a drop in Saudi crude oil output over the year, while growth in the non-oil private sector also slowed to 4.31 percent from 5.18 percent at constant 1999 prices.
Saudi economic growth is closely linked to energy prices and crude oil output, as well as to government spending which has risen sharply over the past decade.
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