Report: Saudi economy to grow 4% this year

27 Jun 2010

(MENAFN) A report issued by the Samba Financial Group forecasted that Saudi Arabia?s economy will grow by 4 percent this year as oil production increases, while inflation will stabilize at an annual average of 5 percent, Reuters reported.

Real gross domestic product (GDP) and the non-oil sector should grow by 4 percent this year, Samba said, citing higher oil production and improved lending to the private sector.

Saudi crude oil output picked up to 8.15 million barrels a day in May, the report said.

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