At the end of the first quarter of 2017, gross domestic product (GDP) stood at approximately 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.<\/p>\n
Components of Government Domestic Product<\/strong><\/p>\n As for the components of gross domestic product, the government sector saw a decline in value during the first quarter of 2017 at both current and constant prices, with its value at current prices reaching 134,828 million riyals, down 9.40% from 148,812 million riyals in the same period of 2016. At constant prices, it recorded a slight decrease of 0.12% , amounting to 113,394 million riyals compared to 113,525 million riyals in the corresponding period of 2016.<\/p>\n Growth in the Private Sector<\/strong><\/p>\n As for the private sector, in the first quarter of 2017, it saw an increase in value at both current and constant prices, reaching 316,395 million riyals at current prices\u2014a 1.19% compared to its value in the same quarter of 2016, which stood at 312,663 million riyals. At constant prices, it reached 255,070 million riyals, an increase of 0.94% compared to 252,699 million riyals in the same period of 2016.<\/p>\n Rise in Oil Prices<\/strong><\/p>\n As for the oil sector, its gross domestic product during the first quarter of 2017 rose by 57.86% in current prices compared to the same period in 2016, when it stood at 186,385 million riyals, compared to 118,073 million riyals in the same period of 2016. At constant prices, however, 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.<\/p>\n Domestic demand: 594,513 million riyals<\/strong><\/p>\n Preliminary estimates indicate that domestic market demand, at current prices, amounted to approximately 594,513 million riyals during the first quarter of 2017, a decrease of 4.72% compared to the first quarter of the previous year.<\/p>\n A surge in export value<\/strong><\/p>\n The value of the Kingdom\u2019s exports of goods and services during the first quarter of 2017 reached approximately 218,231 million riyals, an increase of 41.54% compared to the 154,184 million riyals recorded during the same period of the previous year.<\/p>\n The value of merchandise exports reached 205,138 million riyals, an increase of 47.42% compared to the 139,153 million riyals recorded in the first quarter of the previous year.<\/p>\n Meanwhile, the value of petroleum exports reached 162,135 million riyals, an increase of 66.88% compared to the 97,155 million riyals recorded in the first quarter of 2016.<\/p>\n The value of non-oil merchandise exports reached 43,003 million riyals, an increase of 2.39% compared to the 41,998 million riyals recorded in the first quarter of 2016.<\/p>\n As for service exports, their value during the first quarter of 2017 amounted to approximately 13,093 million riyals, a decrease of 12.89% compared to 15,031 million riyals during the same period in 2016.<\/p>\n Decline in Imports of Goods and Services<\/strong><\/p>\n The value of imports of goods and services during the first quarter of 2017 amounted to approximately 170,599 million riyals, a decrease of 12.54% compared to the value for the same period of the previous year, which was 195,068 million riyals.<\/p>\n The value of merchandise imports amounted to 118,555 million riyals, a decrease of 15.62% compared to the 140,500 million riyals recorded during the same period of the previous year.<\/p>\n The value of service imports during this quarter reached 52,044 million riyals, a decrease of 4.62% compared to the 54,568 million riyals recorded during the same period in 2016.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>At the end of the first quarter of 2017, gross domestic product (GDP) stood at approximately 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. Components of GDP: As for the components of GDP in the government sector, the first quarter of 2017 saw a decline in \u2026 Read 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