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FINANCIAL NEWS
Saudi economy expands by 6.8% in 2012
30 Dec 2012
(MENAFN) Saudi Finance Minister said that Saudi Arabia’s economy posted a real growth of 6.8 percent in 2012, slower than the 7.1-percent pace in 2011, official news agency SPA reported.
Ibrahim Alassaf said in a 2013 budget statement to the Saudi cabinet and King Abdullah that the Gulf Kingdom’s GDP totaled USD726.95 billion this year, representing a nominal growth of 8.6 percent.
The 2012 inflation stood at 2.9 percent using an updated baseline of 2007 prices, and was 4.5 percent using the old 1999 baseline, he added.
He also said that the public debt was USD26.1 billion, representing 3.6 percent of GDP.
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