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Saudi Arabia’s economic growth slows in the fourth quarter

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/01/2015 (12:05)
According to media reports, Saudi Arabia’s economic growth slowed to the lowest level seen in more than a year in the fourth quarter of 2014. The country’s gross domestic product (GDP) grew 2% year over year on an inflation adjusted basis from a growth rate of 4.9% reported in the same quarter of the preceding year. For the full year of 2014, the country’s economy expanded by 3.6%.

The deceleration in the country’s economic growth was attributed to sharp decreases in crude oil prices, which have lost more than half of their value since June 2014. The country’s GDP in the oil sector remained stable in the fourth quarter after a 2.3% drop in the previous quarter while the country’s economic growth in non-oil sectors slowed to 3.7% compared with 6.4% in the third quarter.

Analysts predicted economic growth of 2% this year, stating that any further slowdown is unlikely. Meanwhile, the International Monetary Fund (IMF) projects 2.8% economic growth for Saudi Arabia in 2015.
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