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Saudi Arabia to average 5% GDP growth

Saudi-based Samba Financial Group has said substantial mineral resources in the kingdom are expected to result in robust economic growth from 2012 to 2016, forecasting an average of 5% growth in the country over that period, with real nonoil sectors growing at the same rate, Saudi Gazette has reported. Inflation is expected to remain controllable, as domestic demand is handled well via imports, the report said. Government spending will continue to drive growth in the Saudi economy and hydrocarbon revenues should level off at about $285bn. Including totals for nonoil, the overall government revenue is expected to remain steady at around $300bn per year from 2012 to 2016, the report said.