By Staff writer
Official data reveals that GDP grows by 1.2%, driven by 4% expansion of the country's oil sector
Saudi Arabia's gross domestic product, adjusted for inflation, grew 1.2 percent from a year earlier in the fourth quarter of 2016, official data has showed.
The rate of growth increased compared with 0.9 percent in the third quarter, which was the slowest rate in over three years, according to preliminary data from the country's Central Department of Statistics showed.
They also showed that the Q4 GDP growth was well below the 4.3 percent growth registered in Q4 2015.
The kingdom's oil sector grew by 4 percent in the final quarter of last year compared to non-oil sector growth of just 0.4 percent.
Saudi Arabia has seen its first deflation for more than a decade early this year, although the negative growth eased in February compared to January and is expected to be short-lived.
Earlier this month, credit rating agency Moody's Investors Service raised its outlook for Saudi Arabia's banking system to "stable" from "negative", in a fresh sign that global investor confidence in the kingdom is recovering after plunging due to low oil prices.