Saudi's real GDP to grow 4.3% in 2014 - NCB [Mubasher (Saudi Arabia)]
(Mubasher (Saudi Arabia) Via Acquire Media NewsEdge) Saudi economy witnessed last year its slowest economic growth rate since
2009, Arab News stated citing a report by the National Commercial Bank
The bank added that Saudi Arabia will face a modest business cycle during 2014
and 2015, growing around 4%.
In 2013, the real GDP growth decelerated to 4%, mainly against the backdrop of
the negative contribution from the oil sector, stemming from a lower
The Saudi oil output dropped by around 1.6% in 2013, averaging 9.64 million
bpd, which weighed negatively on the oil sector GDP that declined by 1%,
according to the report.
The economic growth outlook for 2014 will continue to be driven by nonoil
growth, with oil maintaining its negative contribution.
The bank forecasts real GDP growth of 4.3% in 2014, as the non-oil sector
maintains last year's pace of 5.4%, driven by the private sector, mainly
manufacturing and construction.;
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