KSA economy growth fastest in five quarters

April 22, 2014 10:11 am

According to preliminary data from the Saudi Central Department of Statistics and Information, the kingdom’s economy has expanded at the fastest pace in five quarters at the end of last year, as the world’s biggest oil exporter benefits from higher crude prices, Bloomberg has reported. Gross domestic product rose 4.7% in the fourth quarter from a year ago, the highest rate of expansion since the third quarter of 2012. GDP increased 1.6% from the previous quarter. The country’s oil industries grew 4.6%, while mining and quarrying, which includes crude and natural gas, expanded 5.1%. Manufacturing increased 4.5%, the most since the second quarter of 2012.