Saudi Arabia's gross domestic product grew 5.94 percent in the first quarter of this year compared to the same period a year ago, the General Statistics Department said yesterday in a report. The figures are adjusted for inflation.
“Preliminary information shows GDP in the first quarter of 2012 grew by 15.96 percent in current prices with its value reaching SR 612.295 billion against SR 528.002 billion during the same period in 2011,” the report said, adding the growth was 5.94 percent in real prices.
The public sector GDP rose by 0.17 percent to SR 89.198 billion in current prices compared to SR 89.048 billion last year, the quarterly report said. In real prices it rose by 4.24 percent.
The private sector GDP grew by 10.52 percent in the first quarter, a value of SR 162.77 billion compared to SR 147.28 billion the previous year. In real prices, the growth was 6.33 percent.
The oil sector showed a record growth rate of 23.73 percent in current prices with a value of SR 356.51 billion compared to SR 288.13 billion the previous year, but in real prices the growth was 7.17 percent, the department pointed out. In a recent report, the International Monetary Fund described Saudi Arabia’s economic performance as “exceptionally strong.”
It said the Kingdom’s GDP grew by 7.1 percent in 2011, with an 8 percent growth recorded in the nonoil sector — the highest since 1981 — and private sector growth 8.5 percent.
The IMF report also said Saudi Arabia has provided important support to the international economy during a period of high global uncertainty, including its actions to stabilize the oil market. It cited higher imports and increased workers’ remittances as signs of strong economic growth in the country.
The Statistics Department, which comes under the Ministry of Economy and Planning, estimated the total volume of demand in the local market at SR 409.54 billion in the first quarter compared to SR 371.76 billion in 2011, an increase of 10.16 percent.
Government consumption during the same period amounted to SR 121.71 billion in current prices against SR 116.66 billion in 2011, an increase of 4.32 percent. Private sector consumption during the same period rose by 6.89 percent from SR 158.5 billion to SR 169.4 billion, the report added.
Solid capital investment during this period reached SR 126 billion against SR 116.4 billion, an increase of 8.23 percent. Saudi exports rose by 22.94 percent to SR 384.4 billion against SR 312.6 billion while imports during the same period increased by 16.11 percent from SR 156.4 billion to SR 181.64 billion.
GDP grows 5.94% in 1st quarter
