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FINANCIAL NEWS
Saudi Arabia’s shows growing economy by 5.1%
26 Jul 2013
(MENAFN) The International Monetary Fund (IMF) reported a sustainable economic growth for Saudi Arabia year-on-year registering 5.1 percent growth in 2012, which was attributed mainly to higher oil demand and prices and private sector growth, reported Saudi Gazette.
The country should continue to take advantage of this opportunity to create jobs, address housing shortages, develop the small and medium-sized enterprise sector, and further strengthen the fiscal position. declared Tim Callen, IMF mission chief for Saudi Arabia.
However, the kingdom’s growth is forecasted to slowdown next year to 4 percent caused by decline in oil industry while private sector will continue to perform well.
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