(MENAFN) Saudi Arabia's Statistics Office said that the kingdom's economic growth declined to its lowest in more than a year during the October-December period of 2014, Gulf News reported.
The released data showed that Saudi's gross domestic product has expanded 2.0 percent compared with the fourth quarter of 2013, down from 2.4 percent in the third quarter and 4.9 percent in the final quarter of 2013, while the country's GDP for the full year of 2014 grew 3.6 percent.
The global decline in oil prices has resulted in Saudi Arabia's state revenues being slashed, though that did not affect the country's GDP growth.
Meanwhile, Saudi's crude oil output has edged down only slightly in recent months, to 9.62 million barrels per day in December from 9.85 million bpd last June, while the GDP in the oil sector shrank 2.3 percent during the July-September period of 2014 but remained flat during 2014's fourth quarter, and the growth in the non-oil GDP slowed sharply to 3.7 percent from 6.4 percent.
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