Dec 13 2011 |
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GDP to rise 5.1% in 2011
SAMA Governor submits report to King AbdullahRIYADH - The Saudi Arabian Monetary Agency ( SAMA ) expects the Kingdom's real gross domestic product to rise by 5.1 percent in 2011, and the budget surplus is likely to reach 9.1 percent of GDP this year, it said in its annual report presented to King Abdullah, Custodian of the Two Holy Mosques, Monday."The preliminary projections of the model show that GDP at current prices could rise by 5.1 percent in 2011," the report said.
"It is expected that the fiscal balance of the Kingdom would record a surplus of about SR185.3 billion ($49.4 billion), namely about 9.1 percent of total GDP in 2011," it also said.
The Saudi economy is strong, relatively debt-free and growing at a healthy 4.1 percent, said Dr. Muhammad Bin Sulaiman Al-Jasser, Governor of the Saudi Arabian Monetary Agency ( SAMA ).
The report reviews the economic developments in the Kingdom over 2010 and the first quarter of 2011. He said the Saudi economy has avoided public and private debt which has exhausted the economies of other countries. This is why the Saudi national economy has continued its growth for the 11th consecutive year at a rate of 4.1 percent, while the non-oil sector has grown at 4.9 percent.
Apart from this, it has attained a surplus in its balance of payments for the 12th consecutive year, at a total of SR250.3 billion. However, the inflation rate has increased from 5.1 percent in 2009 to 5.3 percent in 2010, and hit 5.2 percent in October 2011.
"In view of your determination to secure an honorable life for citizens, you have issued a number of Royal Orders which will effectively contribute to improving the standard of living for Saudi citizens. To realize this, you have ordered the Ministry of Housing to build 500,000 residential units all over the Kingdom in the next five years at a cost of SR250 billion. You have also increased housing loans to citizens, by the Real Estate Development Fund, from SR300,000 to SR500,000. This will also help secure houses for citizens and reduce inflationary pressures resulting from high rents," said Al-Jasser, in his address to the King and other guests.
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