Saudi oil sector GDP drops to $62.5bn
Riyadh, December 28, 2009
Saudi Arabia's oil sector gross domestic product fell 6.4 per cent this year, its worst performance in at least four years, data showed, after Opec's most influential member cut output to support declining prices.
Oil sector's GDP, which accounts to around 54 per cent of overall output of the world's largest Arab economy, reached SR234.3 billion ($62.48 billion) at constant prices last year, preliminary data from the statistics authority showed, according to a report in our sister newspaper Gulf Daily News.
The kingdom's gross domestic income from extraction of oil and gas fell by 7.6 per cent in the year to SR199.7 billion.
Virtually all other economic sectors recorded modest increases this year, helping the overall GDP inch up by 0.15 per cent in real terms to SR838.2 billion, down from a 4.3 per cent growth in last year.