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FINANCIAL NEWS
Saudi sees 4% GDP growth in 2011
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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