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Saudi achieves fastest growth in year in 2nd quarter of 2015

Xinhua, August 31, 2015 Adjust font size:

Saudi Arabia's gross domestic product (GDP) rose in the second quarter of 2015 by 3.79 percent, to 164.702 million U.S. dollars, the fastest growth in a year, boosted by the rising oil output in the kingdom, Saudi Press Agency (SPA) reported Monday.

The figure is compared to 158.686 million dollars in the same period a year earlier, SPA said, quoting a statement by the Department of General Statistics and Information.

The oil sector saw a GDP surge of 5.1 percent during the period, thanks to elevated output despite a drop in crude prices.

The activity in the sectors of electricity, gas and water witnessed the biggest increase in the second quarter of this year, as the value at current prices went up by 11.20 percent.

The private sector recorded an increase of 3.09 percent in the second quarter of 2015, the statement added. Endit