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Saudi 2011 economy up by 7.1%

30 May 2012

(MENAFN) The International Monetary Fund’s (IMF) Middle East director, Masood Ahmed, stated that in 2011, Saudi economy expanded 7.1 percent, driven by higher global oil prices and an increase in the Kingdom’s oil output, reported Arabian Business.

Ahmed said that during the period, the country’s non-oil sector grew 8 percent, recording the highest level in almost 30 years, as Saudi continues to diversify its economy, to reduce its dependence on oil revenues.

He added that during the current year, Saudi economy is forecasted to expand by 6 percent, moreover, fiscal surplus will be at 17 percent of gross domestic product (GDP) and external surplus will be at 27 percent of GDP.

It is worth noting that the Kingdom is forecasted to post 5 percent inflation rate in 2012.

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