Riyadh - Decypha: Saudi Arabia’s gross domestic production (GDP) year-on-year (YoY) growth hit 1.2% during the fourth quarter of 2016 (Q4-16), after adjusting for inflation.
The figure is viewed as a positive sign when compared to the previous quarter’s 0.9% growth, which according to Arabian Business was the country’s slowest quarter in three years.
In terms of sectors, the oil sector showed the highest growth for the year, hitting 4%, while the non-oil sectors averaged at 0.4% growth.
The government is working towards reducing the economy’s dependency on oil; however, according to the latest Moody’s Investors Service report the country still remains at a risk due to its oil dependency, despite stable outlook.
By Decypha Editorial Team
