SUBSCRIBERS

Saudi Q1 economic growth slowest in 3 years

Published Sun, Jul 3, 2016 · 09:50 PM

Dubai

SAUDI Arabia's economy expanded at its slowest rate in three years during the first quarter of 2016 as low oil prices forced the government to cut spending and raise costs for industry, official data showed on Sunday.

Some analysts said the data pointed to a risk that growth in the world's top oil exporter may slow to near zero this year, which would be its worst performance since the global financial crisis of 2009.

Gross domestic product, adjusted for inflation, grew 1.5 per cent from a year earlier between January and March, down from a revised growth rate of 1.8 per cent in the fourth quarter of 2015, the state statistics office said…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

International

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here