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FINANCIAL NEWS
IMF expects Saudi economy growth in 2013 to be at 4 percent
27 Jul 2013
(MENAFN) IMF reported that Saudi economy experienced a 5.1 percent increase in 2012. This growth was cited to government spending, strong private sector and high oil prices.
As Saudi oil production decreased in 2013, IMF expects economy growth in the gulf kingdom for this year be at 4 percent, but the private sector will remain powerful.
Tim Callen, IMF mission chief for Saudi Arabia, said, �The outlook for Saudi Arabia�s economy remains positive. The country should continue to take advantage of this opportunity to create jobs, address housing shortages, develop the small and medium-sized enterprise sector, and further strengthen the fiscal position.�
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