"Saudi Arabia’s real GDP is projected to expand by around 4.2 percent, fuelled by the non-hydrocarbon sector as the oil GDP is expected to decline due to lower output and prices, Jadwa Investments said in its monthly bulletin.
The non-oil private sector is expected to rise by around 5.3 percent while the government sector will grow by 4.3 percent, the report said.
It showed the oil sector would shrink by around 1.5 percent after high growth in the previous two years, adding that the decline would be a result of a drop in average Saudi crude prices to $99.4 a barrel in 2013 from $108.1 in 2012. The Kingdom’s oil production is also expected to fall to 9.6 million barrels per day after reaching its highest annual average of around 9.8 million bpd in 2012."
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