GDP at the end of the first quarter of 2017 amounted to 642.96 billion riyals, a slight decrease of 0.5% from last year when it reached 646.37 billion riyals, according to data from the General Authority for Statistics (GASTAT).
Components of government GDP
As for the components of GDP in the government sector, it witnessed during the first quarter of 2017 a decrease in its value at current and constant prices, where its value at current prices amounted to 134,828 million riyals, a decrease of 9.40% compared to its value in the same period of 2016 of 148,812 million riyals, while at constant prices it recorded a slight decrease of 0.12% to 113,394 million riyals compared to 113,525 million riyals in the same period of 2016.
Government GDP components in the first quarter of the year 2017 decreased by 0.12%, reaching 113,394 million riyals compared to 113,525 million riyals in the same period of the year 2016.
Growth in the private sector
Private sector growth in the first quarter of 2017
Rise in the value of oil prices
<As for the oil sector, the GDP of the oil sector during the first quarter of 2017 witnessed an increase in its value at current prices by 57.86% compared to the same period of 2016, achieving 186,385 million riyals compared to 118,073 million riyals in the same period of 2016. At constant prices, it recorded a decrease of 2.30%, amounting to 270,888 million riyals compared to 277,256 million riyals for the same period of the previous year.Domestic demand.
Domestic demand 594,513 million riyals
Preliminary estimates indicate that the demand in the local market amounted to 594,513 million riyals, a decrease of 4.72% compared to the first quarter of the previous year.
Boom in export value
The value of the Kingdom's exports of goods and services during the first quarter of 2017 amounted to 218,231 million riyals, an increase of 41.54% compared to the value of 154,184 million riyals in the same period of the previous year.The value of commodity exports amounted to 205,138 million riyals, an increase of 47.42% compared to the value of 139,153 million riyals during the first quarter of the previous year.
The value of commodity exports amounted to 205,138 million riyals, an increase of 47.42%. <The value of petroleum exports amounted to SAR 162,135 million, an increase of 66.88% compared to the value of SAR 97,155 million during the first quarter of 2016. The value of non-oil commodity exports amounted to SAR 43,003 million, an increase of 2.39% compared to the value of SAR 41,998 million during the first quarter of 2016.
Non-oil commodity exports amounted to SAR 43,003 million, an increase of 2.39%.
Services exports amounted to SAR 13,093 million during the first quarter of 2017, a decrease of 12.89% compared to SAR 15,031 million during the same period in 2016.
Decrease in imports of goods and services
The value of goods and services imports during the first quarter of 2017 amounted to 170,599 million riyals, a decrease of 12.54% compared to the value of 195,068 million riyals during the same period of the previous year.The value of goods and services imports during the first quarter of 2017 amounted to 170,599 million riyals, a decrease of 12.54%. The value of commodity imports amounted to SAR 118,555 million, a decrease of 15.62% compared to the value of SAR 140,500 million during the same period of the previous year.
The value of service imports during this quarter amounted to 52,044 million riyals, a decrease of 4.62% compared to the value of 54,568 million riyals during the same period of 2016.
The value of service imports during this quarter amounted to 52,044 million riyals, a decrease of 4.62% compared to the value of 54,568 million riyals.
