In particular, the economy would have slightly outperformed previous estimates for the first part of that year. By sectors, it confirmed that Mining posted negative y-o-y growth throughout the whole year, while activity in areas unrelated to natural resources (i.e. Other GDP) continued to worsen, going from growing 3% in the first quarter to 1% in the fourth (figure 3). In the other sectors, most weak in the fourth quarter were particularly those sectors linked to investment in construction and related services, which are usually more persistent. Also personal services decelerated, although it is estimated that it responded partly to the effects of the public sector strike at the end of last year (figure 4). On the domestic expenditure side, y-o-y growth in final demand—minus inventory change—also showed a downsloping trend throughout the year. The biggest loss of 2  dynamism was seen in investment in construction and other works, whose annual rate of change was -4.9% in the fourth quarter (0.5% average between the first and third quarters). Private consumption, as has been the case for some years, provided support to the economy, growing by over 2% annually throughout 2016. This was helped by growth in labor income, falling inflation and persistent low unemployment by historic standards. It is worth noting that while growth in non-durable consumption has remained stable, durable consumption growth has recovered, partly due to the appreciation of the peso in the last year and partly due to the necessary replenishment of stocks after several years of low or even negative expansion.

Hamad Al-Sayari: Challenges posed to investment in Saudi banks Speech by His Excellency Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency, to the Symposium on Challenges Posed to Investment and Saudi Banks, Riyadh, 2 December 2006. *  *  *  Dear Audience, At the beginning, I would like to welcome all honorable attendance. It gives me a great pleasure today to address you at the outset of the deliberations of this symposium on "Challenges Posed to Investment and Saudi Banks in an Environment of Global Economic Openness" which is convened at a time the Kingdom is witnessing a period of economic growth accompanied with and enhanced by steps of economic reforms in the fields of streamlining of regulations, restructuring of the national economy, and approval of a number of mega development projects as well as the accession to the World Trade Organization which is an important step towards enhancing integration into the world economy, coping with economic developments, and attraction of foreign investments apart from accession to global markets which will be reflected on the competitive capacity of the national economy. Dear Audience, The current Symposium is being held in a promising economic environment in this country. The Kingdom has recorded outstanding economic results. The real gross domestic product rose by 6.5 percent in 2005. This growth rate was reflected on almost all sectors of the economy which is characterized by strong investment. International rating agencies recorded their appreciation and certified the efficiency and strength of the national economy.