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Reduced Saudi Arabian growth prospects drag Tadawul bourse down
- Saudi Arabia: Sunday, November 11 - 2012 at 18:30
The Saudi Stock Exchange's benchmark index Tasi fell by half a percentage point Sunday and closed trading at 6,884.29 points. Earlier in the day, the International Monetary Fund (IMF) said the kingdom's real GDP growth would slow down to 4.2% in 2013 from an estimated 6% in 2012. The IMF warned MENA oil exporters' combined current acccunt surpluses which reached $400bn this year could decline significantly if oil-rich nations would not reduce spending. "Increasing expenditure on wages and salaries in the GCC rose dramatically in recent years," said Masoud Ahmed, the IMF director for the Middle East and Central Asia on Sunday in Dubai.
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Gérard Al-Fil, Financial JournalistSunday, November 11 - 2012 at 18:30 UAE local time (GMT+4)
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