Wednesday 12 September 2012

UPDATE 1-Saudi economic growth slows, inflation hits 3-year low - Yahoo! News Maktoob

Saudi Arabia's annual economic growth slowed to 5.5 percent in the second quarter as expansion of its backbone oil sector weakened, while inflation eased to a near three-year low in August, data showed on Wednesday.
Growth in the world's top crude exporter eased from 5.9 percent in January-March and from a 7.8 percent expansion in the second quarter of last year, data from the Central Department of Statistics showed.
Abdulwahab Abu Dahesh, an independent Saudi economist, expects the economic slowdown to continue.
"GDP growth will be slower toward the end of the year due to the slowdown in the global economy and the decline in oil production levels in Saudi Arabia. It seems the second half will be slower than the first half," Dahesh said.

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