By Staff writer
New Jadwa Investment research year-on-year growth in the Gulf kingdom continued to slow for the fourth consecutive quarter
Saudi Arabia's economy was 1.4 percent larger in the second quarter of 2016 compared to the year-earlier period, according to the latest Quarterly GDP Update from Jadwa Investment.
It said year-on-year growth in the Gulf kingdom continued to slow for the fourth consecutive quarter, mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.
It added that annual growth in non-oil government sector GDP turned positive following two consecutive quarterly contractions.
Jadwa said that within the non-oil private economy, transport and finance were the fastest growing sectors in Q2.
It added that utilities, construction, wholesale and retail, and non-oil manufacturing all saw negative annual growth for the second consecutive quarter.
"We expect continued growth in oil production during the second half of 2016, while the slowdown in non-oil GDP will moderate," said Jadwa in the update, adding that it has revised its 2016 full-year GDP forecast to 1.1 percent, down from an earlier forecast of 1.7 percent.