Saudi Arabia’s economy, the largest in the Arab world, may grow 4.5 percent this year as strong oil prices, improving business confidence and government stimulus measures boost growth, according to a report by Jeddah-based National Commercial Bank and Dun & Bradstreet South Asia Middle East Ltd.
The non-oil sector may grow 4.6 percent, while oil-sector growth is expected to be 4.3 percent, according to the Saudi Business Optimism Index released jointly today by NCB and Dun & Bradstreet, a provider of business data and statistics.
The economy probably accelerated 3.8 percent last year from 0.6 percent in 2009, according to the latest Finance Ministry data. The kingdom pumped 8.4 million barrels a day of oil in 2010, 4.3 percent above its OPEC quota, as it used more crude to meet growing domestic demand, according to a U.S. government report released Jan. 4.
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