DUBAI: Rising oil output boosted Saudi Arabia’s economic growth to its fastest pace in over a year in the second quarter of 2015, data showed on Monday, but growth looks likely to slow in coming months as low oil prices make themselves felt.
GDP, adjusted for inflation, expanded 3.8pc from a year earlier in the second quarter, accelerating from a revised 2.3pc in the first quarter, the state statistics department said. It was the fastest growth since 6.4pc in the first quarter of 2014 — showing the economy of the world’s biggest oil exporter is still coping comfortably with cheap oil.
Growth in the non-oil sector was little changed at 3.1pc against 3pc. Analysts think S. Arabia can’t escape the impact of cheap oil indefinitely, however.—Reuters
Published in Dawn, September 1st, 2015
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