Saudi Arabia’s economic growth eased to 3.8 per cent

Saudi Arabia’s economic growth eased to an annual 3.8 per cent in the second quarter of 2014 due to a slowdown in the oil sector, Reuters reported.

According to the Central Statistics Office, GDP dropped 3.1 percent in the second quarter on a quarter-on-quarter basis, the biggest fall since the quarterly data series began in 2010, after a 4.1 percent jump in the previous quarter.

Hydrocarbons sector grew by 2.5 per cent in the second quarter in comparison to the same period last year, a noticeable decline from 6.1 per cent year-on-year growth in the previous three quarters.

Follow us on Twitter

Comment Box

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: