Saudi Arabia continues to post strong economic growth on the back of its thriving petroleum sector anchored by a steady political and financial base. One of the largest exporters of oil worldwide, the country has also had some of the highest economic growth rates. Real GDP growth was forecast at 6.8% for 2012, following 8.5% expansion in 2011 and 4.8% in 2010. However, a new wave of strong state...
Saudi Arabia
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With oil prices at sustained high levels and the government pushing ahead with a large-scale investment programme to upgrade infrastructure, address social issues and further diversification, Saudi Arabia’s economy is thriving.
Officials are looking at a 2014 start date for a major new mining venture, with plans moving forward for the Kingdom to cooperate with Sudan to exploit deposits deep beneath the Red Sea.
The Saudi Arabian economy recorded another solid year of expansion in 2012, sustained by its energy sector and a steady rise in state spending. While growth may moderate in 2013, a number of sectors, including construction and banking, look set to continue expanding.
A multi-billion-dollar development programme under way in Saudi Arabia is proving to be instrumental in helping the government achieve its long-term aim of widening the base of the national economy by heightening activity in the Kingdom’s capital markets.
Increased crude production in Saudi Arabia, combined with rising oil prices, has put the Kingdom on track to generate record annual revenues for the sector, with recent figures from Riyadh-based Jadwa Investments indicating that income could reach a yearly high of $288bn for 2012.