Saudi Arabia’s gross domestic product is expected to have grown by 3.4 per cent or SAR81.4 billion in 2015 to a total of SAR2.51 trillion, compared with SAR2.43trn at the end of 2014.
Since 2010, Saudi Arabia’s GDP has been on an upward trend rising from SAR1.9trn to an expected SAR2.51trn this year.
According to an analysis by Al Eqtisadiah newspaper, the upbeat projection of this year’s GDP at fixed prices is mainly driven by a projected 3.1 per cent growth in the oil sector to SAR1.07trn. (These figures remain forecasts).
Furthermore, the public sector is expected to grow by 3.34 per cent to SAR428.5bn by the end of 2015, as against SAR414.7bn in 2014.
The private sector is also expected to post a growth of 3.74 per cent to reach SAR995.4bn, compared with SAR959.5bn at the end of 2014.
The private sector’s contribution to the GDP at fixed prices is forecast at 40 per cent in 2015 from 39 per cent at the end of 2014.
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
(SAR1 = AED0.98, at the time of publishing)