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Saudi Arabian economy to grow moderately until 2015

by ChemOrbis Editorial Team -
  • 05/11/2014 (17:26)
According to local media sources, Saudi Arabia will face a moderate business cycle during 2014 and 2015. The National Commercial Bank (NCB) said in their latest report on the Saudi economy that the country’s economy will grow around 4 percent in real terms due to lesser contribution from the oil sector and moderation in the non-oil sector.

In the second quarter of this year, the country’s gross domestic product registered a 3.8% annual growth rate, which was the second lowest figure recorded since the first quarter of 2011. This figure is expected to decline further if OPEC decides in its November meeting to cut production to prop up crude prices that fell precipitously in early October.

However, the manufacturing and utilities sectors limited the overall deceleration, expanding by 6.5% and 8%, respectively in the second quarter. Manufacturing figures were near their highest level since the first quarter of 2012 while the utilities sector recorded its largest expansion since the third quarter of 2012.
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