Bullish On Saudi Growth

November 2006 | Economic Analysis

Real GDP growth in Saudi Arabia is set to come in at 6.42% this year, slightly lower than in 2005 when the economy expanded by 6.55%, as a result of negative real oil sector growth but which will be offset by robust non-oil sector growth. Buoyed by high oil prices since 2003, the oil sector has grown impressively - 17.13% y-o-y in real terms in that year - though is set for a slow-down in 2006 and 2007. Coupled with more measured spending growth as oil prices continue their decline as we expect, this will see the economy hitting a

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