New outlook for Saudi economy: Report
28 Aug 2011
(MENAFN) London-based Business Monitor International (BMI) said in a newly released report that the economy of Saudi Arabia is expected to grow by five percent during the current year, enhanced by the rapid expansion of Saudi’s different sectors especially the non-hydrocarbon one, reported Arabian Business.
BMI stated that they are reconsidering their predictions about the Saudi economy after the kingdom’s announcement for more projects and contracts in infrastructure sector. The economy is expected to witness an increasing growth from 3.9 percent to five percent, BMI added.
The rapidly growing local spending of Saudi Arabia had a major role in the reconsideration of BMI’s expectations of the kingdom’s financial situation, BMI’s report further explained.
It is worth mentioning that the Saudi economy is one of the most prosperous economies in the region. Also, the kingdom relies heavily on oil profits in which it stands for 86 percent of its total income.