Last Update 0:15
Wednesday, 23 October 2019

Saudi Arabia real GDP growth at 6.6 pct in fourth quarter 2011

Kingdom's purchasing power sees an annual surge, led by higher oil prices and a recent real estate boom

Ahram Online, Saturday 14 Apr 2012
Views: 989
Views: 989

Real GDP in Saudi Arabia grew 6.6 percent in 4Q2011 against the year before, up from 5.1 per cent in the third quarter, according to data from the country's Central Department of Statistics.

The oil sector, which accounts for nearly a third of the Kingdom's economy, expanded 6.1 per cent in 4Q2011, the figures show.
Private sector growth, at 9.9 per cent, rapidly outpaced that of the state sector, which expanded 3.6 per cent. 
A recent real estate boom and heavy government spending on infrastructure helped fuel a 13.3 per cent expansion in the construction sector.
The Saudi government had previously announced that real GDP grew 6.8 per cent in 2011, up from 4.6 per cent in 2010, its fastest expansion since 2003.
Saudi's statistics department also announced a 26 per cent annual rise in non-oil exports for February 2012.
Data showed the total weight of exports reached 3,878,000 tonnes, up 470,000 tonnes -- or 14 per cent -- on the same period in 2011.
Petrochemicals, at SAR5.2 billion ($1.4bn), accounted for the largest exported product, followed by plastic products and foodstuffs. 
China was Saudis biggest customer for non-oil exports with a total of SAR2 billion, followed by the United Arab Emirates with SAR1.5 billion. 
Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.