Economic growth in Saudi down to 3.8 percent in Q2

(MENAFN) Saudi Arabia's economic growth dropped to an annual 3.8 percent in the April-June period of 2014, the lowest rate in a year due to a slowdown in the oil sector, Arab News reported.

GDP dropped 3.1 percent in the second quarter compared to the first quarter, registering the biggest drop to be registered, and compared to a 4.1 percent jump in the January-March period.

Meanwhile, growth in the hydrocarbons sector, which accounts for almost half of the USD748 billion Saudi economy, dropped to reach 2.5 percent compared to the second quarter of last year and from 6.1 percent registered in the first quarter of this year.

The Kingdom also exported its lowest amount of oil barrels since September 2011, reaching only 7 million barrels per day in the May-July period, due to weak global demand.

However, growth of the non-oil sector was up to an annual 4.7 percent in April-June period, compared with 4.6 percent in the previous three months.