Saudi Arabia's GDP exceeds SR1 trillion
Released on - Saturday,22 October , 2011 -07:25 Saudi Arabia's gross domestic product (GDP) exceeded the SR1 trillion ($273 billion) mark in the first half of this year compared to SR811 billion in the same period last year on the back of higher oil output and energy prices, the Central Department of Statistics and Information said in its report. The GDP, unadjusted for inflation, jumped 26.1 percent from a year earlier. The statistics department said GDP of the oil sector alone soared 38.9 percent to SR573.4 billion. The Kingdom received another boost with the annual report of the World Bank Group and the International Finance Corporation for 2012 acknowledging its regional top rank in the Middle East and North Africa region with regard to facilitating business. The report “Doing Business 2012: Doing Business in a More Transparent World,” which has been released in Washington, has ranked the Kingdom 12th in the domain of ease of doing business and other commercial transactions among 183 nations worldwide due to improvements introduced by the Kingdom concerning government procedures for corporate activities and making business easier for entrepreneurs. The report also placed the Kingdom ninth with regard to research and studies on government regulations applied on local companies. The report said 17 nations in the Middle East and North Africa region succeeded over the past six years in creating a better environment for business operations. Commenting on the Saudi GDP report, Jarmo T. Kotilaine, chief economist at the National Commercial Bank, said: 'The government data confirms the increasingly clear impression that the economic recovery has gathered significant momentum in the Kingdom during the year. Admittedly, the key driver has been the strength and remarkable resilience of oil prices, along with increased production, first in response to the disruptions in Libya but, with some volatility, even thereafter. Moreover, there is growing evidence that also the nonoil sector is gathering momentum with the government plans of increased spending which have begun to translate into concrete projects as well as the growing willingness of Saudi banks to lend to the private sector.' Kotilaine said these developments leave Saudi Arabia in a strong position even in an exceptional uncertain global economic environment. The troubles in the euro zone and beyond have the potential to prove disruptive to the financial markets and investor sentiment but the positive progress in Saudi Arabia looks likely to continue to be significantly underpinned by the active role of the government as well as the hydrocarbons sector, he added. Even though concerns about demand erosion
ارتفاع حاد والدخل في 6 اشهر تريليون ريال بزياده 26% عن الستة اشهر من العام السابق
الله يزيد الخير
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