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FINANCIAL NEWS
Saudi non-oil growth hit 4.5 pct in H1
18 Sep 2013
(MENAFN) Riyadh-based Jadwa Investment reported that Saudi Arabia’s economic growth is expected to keep growing during the second six months of the current year as a result of the government’s increased spending, according to Arab News.
It is also expected the kingdom’s oil revenues to keep increasing and to support business.
Non-oil growth hit a 4.5 percent rise in the first six months of 2013, compared to the same half of 2012.
Jadwa said: “We believe that progress on awarding contracts and project implementation has been stepped up compared to last year. The HSBC Purchasing Manager Index (PMI) points to strong expansion in private non-oil sector activity. Other data on private consumption, cement production, bank lending, transport and manufacturing activity all point to a robust non-oil growth.”
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