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Saudi GDP growth to decelerate to 4.2% in 2013

17 Jan 2013

(MENAFN) Jadwa Investment stated that Saudi gross domestic product (GDP) growth is forecasted to decline to nearly 4.2 percent in 2013 from 6.8 percent a year ago, reported Emirates 24/7.

The company attributed the lower economic growth to a 1.5-percent reduction in oil output, which is compared with a gain of 5.5 percent in 2012.

However, the non-oil sector would expand by 5.8 percent in 2013, driven by high public expenditure, corporate lending and strong domestic consumption.

The Riyadh-based firm added that total government spending will be equal to 31 percent of GDP, up from an average of 30.4 percent in the last 10 years.

According to Jadwa, the Kingdom’s non-oil private GDP growth is projected to stand at 6.3 percent in 2013 from an average of 4.9 percent in the last ten years.

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