Saudi H1 GDP surges 26.1% to USD273b

23 Oct 2011

(MENAFN) Saudi Central Department of Statistics and Information said that due to higher oil prices and output, in 2011’s first six months, the country’s gross domestic product (GDP) surged 26.1 percent from 2010’s USD216 billion to surpass USD273 billion, reported Arab News.

The department added that in the period, the oil sector’s GDP hiked 28.9 percent from last year’ same period to USD152.85 billion.

On the other hand, the World Bank Group and the International Finance Corporation said that as a result of improvements introduced by the Saudi government for corporate activities in addition to facilitating business for industrialists, the Kingdom ranked at the 12th place in the field of ease of doing business and other commercial transactions amongst 183 countries globally.

It is worth noting that growth in nominal terms will slow in the second half of 2011 due to expected lower oil prices, nevertheless, growth will stay healthy in inflation-adjusted terms.

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