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FINANCIAL NEWS
Private sector leads Saudi nonoil economy growth in 2013
01 Aug 2013
(MENAFN) Saudi Arabia is forecasted to witness 6 percent growth in nonoil economy in 2013-2014 driven mainly by the industrial and housing sector, with private sector leading the growth, reported Arab News.
The kingdom has achieved a nonoil economic growth of 7.1 percent last year, while real nonoil GDP registered an average 8 percent growth during 2005-2012, boosting from 5 percent growth in 2005-2011.
On the other hand, the kingdom’s oil production declined by 0.7 million barrels per day in the ten months to April this year, presenting a rapid withdraw which forecasts real oil GDP to fall by 5 percent.
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