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Saudi Arabia’s GDP declines by 12 per cent during Q1

However, construction activity witnessed biggest increase among private sector’s activities during the first quarter, up by 8.53 per cent.

Saudi Arabia’s GDP fell during the first quarter of 2015 by 12 per cent to SAR451.6 billion from SAR413.7bn in the same period of 2014, statistics show.

According to the statistics issued by the Central Department of Statistics & Information, the value of the government sector’s GDP at current prices increased by 38.03 per cent during the first quarter of 2015 and stood at SAR242.1bn compared with the same period last year.

According to the figures, the value of the private sector’s GDP at current prices increased by 5.16 per cent during the first quarter of this year, stood at SAR820.3bn compared with the same period of 2014, reports Saudi-based Alyaum.

Furthermore, construction activity witnessed the biggest increase among private sector’s activities during the first quarter compared with the same period in 2014, up by 8.53 per cent.

The GDP for the oil sector witnessed a 46.77 per cent decline in value during the first quarter of 2015, standing at SAR171.1bn, while in the previous year it amounted to SAR321.5bn.

(SAR1 = AED0.98, at the time of publishing)