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Sunday, 26 September 2010

Saudi Gazette - Kingdom set for strong growth in 2010 despite hiccups in developed markets

The Saudi Arabian economy should register a healthy growth rate of 3.9 percent in 2010 and post a budget surplus of SR40 billion “against a budgeted deficit of SR70 billion,” Al Rajhi Capital said in its “Economics Monthly” report for September released Saturday.

It also expects inflation in the Kingdom to decline moderately to 5.5 percent at the end of the year from the current 6 percent.

The report noted that robust economic growth from the developing markets is expected to continue, albeit at “slightly moderating levels in the months ahead.”
It underscored that with the strong economic fundamentals in Saudi Arabia, the impact of a global slowdown is likely to be limited."