Saudi Arabia’s gross domestic product (GDP) grew by 15.96 per cent in the first quarter to hit SR612.2 billion ($163 billion) in current prices compared to SR528 billion last year, according to a report.
In real prices, the Kingdom’s GDP growth was 5.94 per cent, the Arab News reported citing the preliminary reports released by Central Department of Statistics on the National Day yesterday.
The public sector GDP rose by 0.17 per cent to SR89.2 billion in current prices compared to SR89 billion last year, the report added.
The private sector GDP grew by 10.52 per cent with a value of SR162.7 billion compared to SR147.3 billion the previous year, said the report.
The Kingdom’s GDP registered a 31 per cent growth to hit SR2.2 trillion in 2011 compared to the previous year. During the same year, the private sector GDP grew by 14.7 per cent, it added.
According to the report, Saudi’s total exports in 2011 surged to over SR1.41 trillion. The oil sector posted a record 23.7 per cent growth in current prices with a value of SR356.51 billion compared to SR288.1 billion the year before.
Nonoil exports rose 31 per cent to SR176 billion, which accounted for eight per cent of the GDP, the department said while highlighting the Kingdom’s remarkable economic progress.