| Kippreport.com

Saudi Arabia economic growth slows a bit

June 6, 2012 7:08 by Reuters

Saudi Arabia’s gross domestic product, adjusted for inflation, grew 5.94 percent from a year earlier in the first quarter of this year, the government’s statistics department said on Wednesday.

That marked a minor slowdown from the 6.6 percent growth recorded in the fourth quarter of last year.

The private sector expanded 6.33 percent in real terms last quarter, again outpacing the state sector, which grew 4.24 percent. The oil sector grew 7.17 percent.

The country’s total exports of goods and services jumped 22.94 percent to 384 billion riyals ($102 billion) on the back of high oil prices and energy production, while imports increased 16.11 percent to 182 billion riyals.

The price of Brent crude oil was above $120 a barrel for much of the first quarter. It has since declined to as low as $95 a barrel this week, suggesting economic growth may slow further later this year.

Tags: Economy, GDP, Middle East, Q1net profit up, Saudi Arabia