Saudi 2012 economy to expand by 5.8%: Jadwa

30 Oct 2012

(MENAFN) Jadwa Investment stated that in spite of the ongoing global economic slowdown, in 2012, Saudi Arabia’s economy is expected to rise by 5.8 percent from earlier forecasts of 5.3 percent, reported Arabian Business.

The Kingdom’s hydrocarbon sector will witness a growth of 6.1 percent during the period, whereas growth in the non-oil sector is forecasted to stay solid

Earlier, the company had predicted that Saudi crude oil output would average 9.6 million barrel per day (bpd) during the current year; however, the actual output level has been increased to a near record high, with April and June recording an average production level that exceeded 10 million bpd.

Higher oil output and higher prices, reaching USD109 per barrel, would bring in oil revenues of USD287 billion, that’s 44.3 percent of the country’s gross domestic product (GDP).

The world’s largest oil producer would post a fiscal surplus of USD92.59 billion, representing a rise of 5 percent from the previous forecast.

It is worth noting that Saudi latest purchasing managers’ index (PMI) grew to 60.3 points from August to September.

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