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Saudi Arabia's gross domestic product recorded the first decline since 2009
14:13 - 07/01/2017
Official data on Friday showed a contraction of GDP for Saudi Arabia on an annual basis in the first quarter of this year for the first time since the global financial crisis, but the private sector has gradually improved.
The decreased rate of gross domestic product in the light of inflation, 0.5 percent on an annual basis in the period from January to March, marking the first decline since 2009. Almost all, because of the contraction of the oil sector by 2.3 percent, as reduced Saudi crude output under a global agreement between the producing countries to support prices.
The government contracted non-oil sector of the economy was 0.1 percent, which shows that Riyadh continued to restrict government spending strongly as it seeks to reduce the large budget deficit caused by low oil prices.
But the private non-oil sector grew 0.9 percent, compared with 0.5 percent in the revised reading for the fourth quarter of last year. This is the fastest growth in the private sector since the last quarter of the year 2015.
Private companies have been hit hard by government austerity measures, including raising energy prices locally and delay the repayment of debts owed by government companies. But late last year, Riyadh began to settle their debts more quickly, boosting the private sector. Finished / 25
http://www.almaalomah.com/2017/07/01/171138/
14:13 - 07/01/2017
Official data on Friday showed a contraction of GDP for Saudi Arabia on an annual basis in the first quarter of this year for the first time since the global financial crisis, but the private sector has gradually improved.
The decreased rate of gross domestic product in the light of inflation, 0.5 percent on an annual basis in the period from January to March, marking the first decline since 2009. Almost all, because of the contraction of the oil sector by 2.3 percent, as reduced Saudi crude output under a global agreement between the producing countries to support prices.
The government contracted non-oil sector of the economy was 0.1 percent, which shows that Riyadh continued to restrict government spending strongly as it seeks to reduce the large budget deficit caused by low oil prices.
But the private non-oil sector grew 0.9 percent, compared with 0.5 percent in the revised reading for the fourth quarter of last year. This is the fastest growth in the private sector since the last quarter of the year 2015.
Private companies have been hit hard by government austerity measures, including raising energy prices locally and delay the repayment of debts owed by government companies. But late last year, Riyadh began to settle their debts more quickly, boosting the private sector. Finished / 25
http://www.almaalomah.com/2017/07/01/171138/
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