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Saudi economy to expand 3.5% in 2010

27 Sep 2010

(MENAFN) Saudi Arabian Monetary Agency (SAMA) governor Muhammad Al Jasser said that the Kingdom’s economy is anticipated to expand by 3.5 percent in 2010 where Saudi Arabia has pumped economic development with $400 billion, Bloomberg reported.

He added that in 2009 and 2010, the Kingdom’s financial plan has been huge and that it controls and influences the private and other sectors.

Last year, the kingdom’s growth decreased to 0.6 percent and the average daily oil production fell 11 percent to 8.2 million barrels a day.

Oil prices cut down to $33.98 a barrel in February 2009 from a peak of almost $147 a barrel in 2008.

Government expenses have been used in a way to maintain collective demand when the private sector took a strike he added.

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