Saudi Arabia’s economy eases in Q2

Saudi Arabia’s economy expanded 5.5 per cent in the second quarter from a year earlier, the slowest pace since at least 2010, as oil prices declined.

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Published: Fri 14 Sep 2012, 10:50 PM

Last updated: Tue 7 Apr 2015, 12:29 PM

Growth eased from 5.9 per cent in the January-March period, the nation’s statistics department in the capital, Riyadh, said on its website on Thursday. The increase in oil and natural gas earnings slowed to 6 per cent from 7.7 per cent.

Saudi Arabia’s economy grew 7.1 per cent last year, buoyed by higher oil prices and a government spending spree.

Construction expanded 9.3 per cent in the quarter from a year earlier, the office said. The rate was above 12 per cent in the three periods after the outbreak of unrest in the Arab world in January 2011.

Published: Fri 14 Sep 2012, 10:50 PM

Last updated: Tue 7 Apr 2015, 12:29 PM

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