Saudi Arabia’s economy will expand by 3.7 percent this year and 4 percent in 2011 as the world’s largest oil supplier benefits from high crude oil prices and government spending, National Commercial Bank said today.
“Higher oil prices are expanding the dominant source of government revenues,” the Jeddah-based bank, the largest Saudi lender by assets, said in an e-mailed report today. “Foreign capital inflows and resumption of private-sector credit continue to support the non-oil sector.”
Saudi Arabia has spurred economic growth with a $400 billion, five-year investment package announced in late 2008. Growth slowed to 0.6 percent in 2009 as the kingdom’s average daily oil output fell 11 percent to 8.2 million barrels a day, according to the central bank’s annual report.
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