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04-07-14

Saudi economy expands to labor market in Q1

(MENAFN) Saudi economic growth stood at 4.7 percent in the first quarter of the current year as labor market measures curbed activity in some sectors, but the expansion was still stronger and more widespread than growth a year ago, according to Arab News. In the fourth quarter of 2013, the kingdom's economic growth reached 5.0 percent, but the expansion was still stronger and more widespread than growth a year ago. Fahad Al-Turki, head of research at Jadwa Investment in Riyadh said: "It is certainly the change in the labor market affecting the annual growth." He added: "(But) the quality of growth is improving. It's spread over more sectors than the top three."