CAIRO: According to its Ministry of Economics, the Saudi Arabia's gross domestic product grew by 6.6 percent in the fourth quarter of 2011. A press release statement mentioned that the GDP of KSA was able to accelerate about 5.1 percent in the third quarter of last year. Oil sector which forms nearly third of economy soared 6.1 percent, thanks to a rise in oil prices in global markets.
Private sector growth, marked at 9.9 percent, far outpaced the state sector's 3.6 percent expansion, construction sector expanded by 13.3 percent. The government previously announced that the GDP grew by 6.8 percent in 2011, up from 4.6 percent in 2010 in its fastest expansion since 2003. “These figures reflected that Saudi economy is doing well” an expert told Bikyamasr.com. “Oil output seems unlikely to rise as much as it did in 2011, but other sectors gave a good boost for Saudi economy” he added. “I think figures coming of Saudi economy will be bettered, as Saudi government is taking serious steps to enhance the quality of other sectors away of oil's one” Mohammed Hussien, an expert explained to Bikyamasr.com. It should be noted that most of poll analysts predicted a slowdown in GDP for Saudi Arabia in the fourth quarter of 2011. However, facts came better than their expectations.
