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29-10-14

Saudi GDP grows 3.8 percent in Q2

(MENAFN) The Saudi economy registered a growth of 3.8 percent during the April-June period of this year in comparison with the same period last year, but it declined by 1.3 percent compared with the January-March period of this year, Saudi Gazette reported.

The Central Department of Statistics and Information (CDSI), which released the figures, said they expect that the Kingdom's economic growth will be lower during the second half of this year due a decline in oil sector output, though it expects that the non-oil private sector will remain strong during that period.

The CDSI also said that the non-oil sector recorded its slowest annual growth since 2010, but that it remains strong at 4.2 percent, compared to the second quarter of last year, with the decline happening due to a moderation in both the non-oil private sector and the government sector, compared to the same quarter last year, with the decline mainly being registered in four out of nine sectors, including wholesale & retail trade, construction, transport, and finance subsectors.

Meanwhile, the oil sector grew by 2.5 percent compared to the same quarter last year, while registering a growth of 6.1 percent compared to the first quarter of this year, while oil output registered an increase by 1.9 percent to reach 9.7 million barrel per day (mbpd) during the second quarter.

During the second quarter of this year, the non-oil GDP registered a growth by 4.2 percent compared to the same quarter last year, while registering a 4.5 percent growth compared with the previous quarter.

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