23 Jan 2011
(MENAFN) Ibrahim Al Assaf, Saudi Arabia’s Finance Minister, said that during 2011, the Kingdom’s gross domestic product (GDP) is forecasted to expand by more than 4 percent, while keeping a cap on inflation, Reuters reported.
According to Al Assaf, annual inflation eased to 5.4 percent in December from 5.8 percent in November but a rise in global food prices might add to price pressures in the import-reliant Kingdom. The biggest Arab economy grew by 3.8 percent in real terms during 2010.
Assaf added that the Gulf Arab state would continue its $400 billion state investment plan which is the world’s biggest stimulus relative to GDP; until 2013 as planned, but would watch out for any inflationary pressures building up.
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