SAUDI Arabia’s construction and building sector played a big role in the kingdom’s gross domestic product (GDP) growth in the third quarter of 2013, the Central Department of Statistics said in a report.

While GDP grew 3.19 per cent in current prices compared with a 2.7 per cent rise in the previous three months, the construction and building sector and downstream industries showed big growth at the rate of 9.76 per cent and 7.87 per cent respectively. In stable prices, the sector’s growth rose by 3.31 per cent. The GDP value rose from SR675.19 billion ($180 billion) in the third quarter of 2012 to SR696.7 billion ($185.75 billion) in 2013. During the same period, the GDP rose by 3.05 per cent in real prices.

The kingdom’s oil sector grew by 9.54 per cent to SR344.35 billion ($91.80 billion), compared to SR314.36 billion ($83.81 billion). In stable prices, the growth was 3.05 per cent, the report said.

Finance Minister Ibrahim Al Assaf had predicted that Saudi Arabia would achieve a GDP growth of 3.6 per cent in 2013 down from 5.1 per cent in the previous year. He attributed the decrease to slower oil output.

However, he believed that the economy would grow by 4.4 per cent in 2014. The kingdom’s inflation remains in check at 3.6 per cent, the minister pointed out. A 9.6 per cent surplus is expected in the current budget.