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Article: GDP figures boosted by data change. base year for measuring growth shifted to 1999 from 1970. (Economy).(gross domestic product for Saudi Arabia)(Brief Article)(Statistical Data Included)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- July 26, 2002
CopyrightCOPYRIGHT 2002 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A June revision in the way the government measures gross domestic product (GDP) has substantially altered the kingdom's macroeconomic performance over the past five years, showing a larger economy, with a larger non-oil private sector, than was previously reported. As a result of the changes, per capita GDP is now estimated at some 15 per cent higher, at $8,465, than had been thought. But 2001 real GDP growth has been revised downwards to 1.2 per cent from 2.2 per cent
Under the changes, the Central Department of Statistics now uses 1999 as the base year for measuring economic growth, rather than 1970, which is regarded as inaccurate because it pre-dates the oil ...
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