Non-oil sector strengthens its contribution to Saudi economy by 2.13% during 1st quarter of 2019

Ashraf Abo Arafe

In actual translation of economic reform steps that diversify sources of income and economy and reduce reliance on oil within Saudi Arabia, the GDP growth of the non-oil sector in the Kingdom increased by 2.13% in the first quarter of the current year 2019 compared to 2.09% for the same quarter of last year.

According to the Saudi General Organization for Statistics, the Saudi economy achieved positive growth in the first quarter of this year, which reached 1.66% compared to 1.38% during the same period of 2018. The data of the General Authority for Statistics revealed that the GDP at constant prices increased by 1.04% during 2019, Compared to 0.53% during the same period last year 2018.

While the value of GDP to 660.69 billion riyals in the first quarter of 2019, compared to about 649.88 billion riyals during the same quarter last year 2018.

The Saudi GDP at current prices grew by 2.77% in the first quarter of 2019, compared with a growth of 10.16% in the first quarter of last year.

The value of the gross domestic product amounted to 718.543 billion riyals in the first quarter of this year, compared to 699.191 billion riyals in the first quarter of 2018.