(MENAFN - Qatar News Agency) In real terms, the Saudi economy was 3 percent higher in the third quarter of 2013 than in the same quarter of 2012 and 1.1 percent higher than in the second quarter of this year, Jadwa Investment said in a report citing Central Department of Statistics and Information (CDSI) GDP data for the third quarter of this year.
Moreover, Jadwa expects year-on-year economic growth will improve in the fourth quarter as the negative impact of changes and enforcement of labor market regulation on private sector activity slightly ease
At the same time, both elevated government spending and stabilizing oil output will balance overall economic growth, reported Saudi Gazette newspaper
"We expect Saudi oil production to average 9.7mbpd in the fourth quarter which should maintain an oil sector growth rate above 3.5 percent year-on-year in the fourth quarter
In addition, high government spending will continue to support the non-oil economy" Jadwa said.