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FINANCIAL NEWS
Report: Saudi economy to expand 3.9% this year
26 Sep 2010
(MENAFN) The Saudi economy is set to grow nearly four percent by the end of this year and the kingdom is set to register a budget surplus of $10.6 billion, against a budgeted deficit of $18.6 billion, according Al Rajhi Capital.
The report estimated that the Kingdom�s economy should show healthy growth this year and register a growth rate of 3.9 percent for the year. This will result in a budget surplus of $10.6 billion, as opposed to a budgeted deficit of $18.6 billion.
Al Rajhi Capital also set average inflation for the year in Saudi at 5.5 percent, down from the current level of six percent.
The turnaround in the Saudi economy is due to robust growth in non-oil exports, which are set to grow by 4.4 percent his year. Oil production is also set to grow 2.5 percent, compared to a 6.7 percent contraction last year.
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