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

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UAE. GCC corporate earnings strength intact; Regional bonds unaffected by global shocks; Central Banks support financial markets.
INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
dhgate