The Saudi Arabian economy is likely to expand 5.5 per cent this year on higher oil output and state spending, Banque Saudi Fransi said, raising its earlier forecast of 4.2 per cent.
"The rise in oil output, coupled with greater state spending commitments has also heightened the prospects for higher GDP growth this year," Chief Economist John Sfakianakis of the Riyadh-based bank wrote in an e-mailed report today.
The bank also increased its inflation forecast to 5.6 per cent from 5.1 per cent on account of higher public expenditure.
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