Saudi Arabia's gross domestic product grew 6.6 percent from a year earlier in the fourth quarter of last year, accelerating from 5.1 percent growth in the third quarter, the Central Department of Statistics and Information in Riyadh said on its website said Wednesday. The oil sector, which accounts for nearly a third of the economy, expanded 6.1 percent in the fourth quarter, the ministry said in a statement. Private sector growth, at 9.9 percent, far outpaced the state sector's 3.6 percent expansion. The construction sector expanded 13.3 percent because of a real estate boom and heavy government spending on infrastructure. High oil prices and state spending ignited a boom in the Saudi economy last year. The government previously announced that GDP grew 6.8 percent in 2011, up from 4.6 percent in 2010 and its fastest expansion since 2003. Saudi Arabia's economy benefited last year from a 23 percent increase in government spending aimed at creating jobs and build houses. The government's allocation of an additional SR224 billion ($60 billion) was backed by oil prices that averaged $95 a barrel last year, up from $80 in 2010. The economy's 6.8 percent full-year growth in 2011 was the fastest in eight years. Oil prices spurt Oil prices rebounded slightly on Wednesday from recent sharp losses as renewed tensions over Iran offset further signs of downbeat US energy demand, traders said. New York's main contract, West Texas Intermediate (WTI) crude for delivery in May, rose $1.25 to $102.27 a barrel. Brent North Sea crude for May climbed 14 cents to $120.02 in late London deals. Brent had slumped $2.79 a barrel and WTI shed $1.44 Tuesday as traders fretted over weak economic data in China and the US, as well as resurgent concerns over eurozone debt crisis.
