Saudi’s non-oil GDP to increase by 1.8pct this year
12 Apr 2017
(MENAFN) Saudi Arabia has reduced oil production by close to 6 percent, to 9.9mn barrels per day, while output will be sustained around this level for the first half of the year.
Last year, the successful issue of the USD17.5bn international bond has allowed the government to fund a 25 percent increase in infrastructure spending this year.
Moreover, raising finance outside the kingdom also enabled the government to place less debt regionally, by reducing the crowding out of private borrowing.
Accordingly, non-oil GDP will grow by 1.8 percent this year, a rebound after growth of just 0.2 percent in 2016, but little more than half the pace of 2015.