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FINANCIAL NEWS
Saudi’s GDP grows by 1.4pct in Q2
03 Oct 2016
(MENAFN) Saudi Arabia’s GDP rose by 1.4 percent in the second quarter of this year, after growth of 1.5 percent in the first quarter.Furthermore, the oil sector increased by 1.6 percent from a year ago, slowing from 5.1 percent growth, while the non-oil sector grew by 0.4 percent.Accordingly, the kingdom’s economy avoided a technical recession, which is reflective of the strong momentum of the oil sector.The oil sector growth will start to moderate if any sort of output control among OPEC and beyond materializes.
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