Saudi Arabia's economy grew 6.6% in fourth quarter
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed April 11, 2012 3:41 pm

SAUDI ARABIA. Saudi Arabia's gross domestic product expanded 6.6% in the fourth quarter from a year earlier on additional government spending and higher oil prices.

The government sector grew by 3.6% and the private sector by 9.9%, the Central Department of Statistics and Information in Riyadh said on its website today. The oil industry expanded by 6.1%.

Saudi Arabia’s economy benefited last year from a 23% increase in government spending as the kingdom’s rulers sought to create jobs and build houses in order to avert the kind of popular uprising that swept other Middle Eastern countries.

The government’s allocation of an additional 224 billion riyals (US$60 billion) was backed by oil prices that averaged US$95 a barrel last year, up from US$80 in 2010. The economy’s 6.8% full-year growth in 2011 was the fastest in eight years. Growth will probably slow to 3.8% this year on lower oil output, according to the median estimate of 13 economists compiled by Bloomberg.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 29, 2014
KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
date:Posted: August 28, 2014
SAUDI ARABIA. The Saudi Arabian index is the region's most diverse capital market due to its size and maturity; Jadwa Investment views the opening up of the Tadawul as an overall positive but believes a cautious and considered path to reform is the best way forward, much like the Chinese example.
date:Posted: August 28, 2014
LEBANON. The results of the Byblos Bank/AUB Consumer Confidence Index show a marginal improvement in January and February, picking up pace in March and April, and regressing in May and June 2014.
KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
dhgate