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20-06-14

Saudi economic growth reached its slowest in 2013

(MENAFN) Saudi economic growth reached its slowest rate in 2013 since 2009, but is expected to face a moderate business cycle this year and in 2015, posting a 4 percent growth, according to Arab News. Saudi oil output dropped by about 1.6 percent in 2013, averaging 9.64 million bpd, which weighed negatively on the oil sector GDP that fell by 1 percent, the largest contraction since 2009. However, contraction in the oil sector was more than offset by nonoil GDP growth that grew by around 5.4 percent.