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: May 4, 2016
INTERNATIONAL. The climate has rarely been so favourable to a resolution of the conflict. The chaos that is sweeping the Middle East has been a game-changer in relation to Israel and the Arab countries.
date:Posted: May 4, 2016
SAUDI ARABIA. The manager/directors of any company that is incorporated in Saudi Arabia should start to consider what changes may need to be made to the company's articles of association or bylaws.
date:Posted: May 3, 2016
INTERNATIONAL. Emerging and startup digital banking platform technologies key to success of digital initiatives; incumbent application vendors have been slow to respond to new requirements.
SAUDI ARABIA. The manager/directors of any company that is incorporated in Saudi Arabia should start to consider what changes may need to be made to the company's articles of association or bylaws.
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