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Saudi nominal GDP to hit USD751.6b in 2013

02 May 2013

(MENAFN) Jadwa Investments stated that the economy of Saudi Arabia is projected to increase by USD24.3 billion in current prices in 2013, driven by strong oil prices and higher spending, reported Emirates 24/7.

The Riyadh-based firm added that the Kingdom’s nominal gross domestic product (GDP) is projected to hit USD751.6 billion this year, from USD727.3 billion in 2012.

It said that the growth would boost GDP per capita to USD6,645 from last year’s USD6,627, even though the country’s population is expected to increase by nearly 900,000 to 30.2 million.

It is worth noting that the country’s actual surplus is projected to grow to around USD47.45 billion, boosted by higher oil prices, while actual revenue is expected to hit USD279.15 billion and spending to increase to USD231.95 billion.

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