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KSA's real GDP to grow 5.3% this year: Jadwa
- Saudi Arabia: Tuesday, October 23 - 2012 at 00:56
Jadwa Investments has said the Saudi economy is projected to grow by around 3.8% in current prices to hit an all-time high this year, amid swelling oil prices underpinned by robust public and private sectors, Saudi Gazette has reported. From around SR2.136trn in 2011, nominal GDP is projected to climb to a record high of SR2.245trn in 2012, the Riyadh-based investment firm said. Nominal growth in 2012 will be far below the 28% rate achieved in 2011, one of its largest increases in Saudi history. It is also below the 19.7% growth in 2010, but in contrast with a 20.9% contraction in 2009, when oil prices slumped by nearly 50% to $60 a barrel and Saudi Arabia slashed crude output by about one million barrels per day to 8.2 million bpd.
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