A Gulf economy that is on the up and up | GulfNews.com

A Gulf economy that is on the up and up | GulfNews.com:



"A strong set of fundamentals coupled to abundant resources, the Saudi economy is undergoing an upbeat phase. So states new findings from the International Monetary Fund in its recently-concluded Article IV consultations.



The IMF projects a real GDP growth, adjusted for inflation, of 4.6 per cent in 2014 and up from last year’s 4 per cent. This is partly attributed to the relatively steady oil production levels, the spending on housing and other large-scale infrastructure projects plus a notable performance on the part of the private sector.



The private sector benefits from the kingdom’s economic might as reflected in the GDP of $750 billion (Dh2.7 trillion). Other gains are derived from economic activities related to the annual Haj and the spending made by pilgrims through the year."



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