Macroeconomic Forecast Saudi Arabia

Saudi Arabia's economy looks set for a strong performance this year. Real GDP growth accelerated from 0.1% y-o-y in 2009 to 4.1% in 2010, driven by a rebound in the oil sector. Real non-oil GDP growth also picked up, rising from 3.5% y-o-y to 4.9% y-o-y, supported by heavy government spending. Available leading indicators - point of sale transactions, real credit, and business confidence surveys - all suggest a further strengthening of activity in the first quarter of 2011.

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