Saudi Arabian bank lending is climbing the most among the six Gulf Cooperation Council nations this year as growth in the biggest Arab economy accelerates.
Bank credit to the private sector expanded 4.6 percent in the five months through May, according to data from the Saudi Arabian Monetary Agency this week. The rate ranged from a 4 percent drop in Bahrain to a 2.7 percent increase in the other five GCC countries.
Higher oil production to compensate for a drop in output from Libya and increased government spending to counter the political unrest in the region are boosting the economy of the world’s largest exporter of crude, according to John Sfakianakis, the Riyadh-based chief economist atBanque Saudi Fransi (BSFR), a lender part-owned by Credit Agricole SA.
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