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Saudi Arabia GDP reached SR2.66 trillion in 2012

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Staff writer ▼ | September 25, 2013
Saudi ArabiaThe gross domestic product (GDP) in Saudi Arabia registered a record growth in the last five years to reach SR2.66 trillion in 2012 compared to SR1.95 trillion in 2008, according to a government report.


The report, released by the Central Department of Statistics and Information (CDSI), said GDP-per capita rose from SR76,000 to more than SR91,000. The real GDP registered a growth rate of 5.1 percent in 2012 whereas the average growth rate during the last five years (2008-2012) stood at 6.3 percent, which is higher than economic growth rates prevailing in the GCC and G20 countries, the report said.

Director General of CDSI Muhanna bin Abdulkarim Al-Muhanna commented that share of the private sector to the GDP has considerably improved where it reached 57.6 percent during the last five years compared to 48.9 percent during the period between 2003 and 2007.

Share of the oil sector to the Kingdom's GDP dropped from 29.5 percent to 22.2 percent in the two periods, which is a good indication that the Saudi economy has been increasingly supported by the private and nonoil sectors, he said.

The ratio of the Kingdom's exports of nonoil goods to imports witnessed considerable improvement during the last five years, which increased from 28.2 percent in 2008 to 32.7 percent in 2012.

Giving more details, the CDSI chief said the volume of nonoil exports increased by 57 percent to reach SR191 billion in 2012 compared to SR121.6 billion. During the same period, the value of imports climbed from SR431.8 billion to SR583.5 billion, or an increase of 35.1 percent.

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