Saudi Arabia’s economy will expand 3.9 percent this year and growth will quicken to 4.4 percent in 2013, National Commercial Bank said.
The government will have a fiscal surplus of 317.4 billion riyals ($84.6 billion), or 14 percent of gross domestic product, with an average crude oil price of $105 a barrel for Arab Light this year, the Jeddah-based bank said yesterday in an e-mailed report. Saudi Arabia will produce an average of 9.4 million barrels a day of oil in 2012, it said.
“Growth in non-oil sectors, particularly construction, manufacturing and wholesale and retail trade, will also remain robust this year, mainly due to strong private and public investment and consumption spending,” the bank said. “Strengthening of domestic demand is reflected in a rise in private-sector credit and the double-digit growth in merchandise imports.”
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