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Expected to Stand Firm
Saudi Arabia’s economic performance has been exceptional over the years, with nominal GDP rising to SR .7trillion in 2008. The real GDP growth exceeded 3. % in the last two years, expected to reach 4.2% in 2008.
The Kingdom with more than 20% of the world’s oil reserves, remains committed to the economic diversification activity in the country.
The growth outlook for the Saudi Arabian economy looks robust, with public & oil sectors investment program exceeding US$400bn over next 5years.
Oil revenues coupled with diversification benefits are likely to result in real GDP growth.
Saudi Arabia (KSA) as per International Finance Corporation -World Bank report on “Ease of Doing Business 2009” was ranked at no. 6 among countries globally, and no. in MENA region.
As per the standard of economic openness (foreign trade of goods & services to GDP), KSA during 990-2007 recorded an avg. economic openness degree of 7 .9% vs. 23.8% in USA. KSA’s inward FDI flows of US$24.3bn in 2007 recorded an annual increase of 33%, and FDI to GDP ratio of 6.4%. Non-oil sector GDP growth of 4.5%, while the oil sector GDP increased by 8.0% in 2007.