27 Dec 2010
(MENAFN) Riyadh-based Jadwa Investment Co., revealed that during 2011, Saudi Arabia’s economy may expand 4.2 percent, as government-financed projects will help spur growth, Bloomberg reported.
According to Jadwa, high government spending will remain the main driver of the non-oil economy, supported by greater bank lending, and growth in both the oil and non-oil sectors will pick up.
The Finance Ministry announced the 2011 budget, with spending of $154.25 billion and a deficit of $10.64 billion, whereas the Kingdom plans to spend $68 billion on projects to spur growth and reduce unemployment.
Moreover, Bank lending to the private sector, which increased about six percent in the first ten months of 2010, should pick up in 2011 as the economy improves and after Saudi banks increased provisions for bad loans.
Furthermore, during the next year, inflation will average 5.3 percent, down from 5.8 percent in November of the current year, with rents being the leading source of higher prices. Other inflationary pressures will be external, mainly in the form of commodity prices, said Jadwa.
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