Saudi non-oil sector grew 5pc in 2013
Riyadh, February 17, 2014
Saudi Arabia's non-oil sector grew by a robust 5 per cent year-on-year in 2013 as consecutive years of solid government spending lifted business and consumer confidence and banks’ comfort in lending, said a report.
The private non-oil sector will continue growing strongly this year reflecting government-led infrastructure projects, such as the Riyadh Metro and a high speed inter-city rail network currently under construction, reported the Arab News.
Spending by government-owned firms is likely to continue at a robust rate and will continue to offer plenty of opportunities for local contractors. In particular, Saudi Aramco has major projects underway in the refining and petrochemical sectors, which will extend the economy’s industrial base further.
Saudi Arabia has been one of the best performing G20 economies in recent years with real GDP growth averaging 5.9 per cent per annum during 2008-13, the report stated.
Overall, the near-term macroeconomic outlook is positive for Saudi Arabia with a small recovery in oil production lifting real GDP growth to 4.4 per cent in 2014, it added.