Friday 20 April 2018

Saudi GDP to grow by 5.1pc

Jeddah, November 20, 2011

Despite the uncertain economic situation in developed countries, Saudi Arabia's gross domestic product (GDP) is expected to grow by 5.1 percent in 2012, a report said.

As a result of a wide variety of trading partners to which Saudi Arabia exports its products, the kingdom will have a foreign currency reserve of SR2 trillion ($530 billion), the report in Arab News, quoting a report published by Riyad Capital, said.

On the credit situation of banks, the Riyad Capital report said the fall in interest rates have caused some problems to the banking sector in general. However, the banks have tried to increase their revenue by revising their lending portfolios.

Riyad Capital said the increase in personal banking would help banks to achieve a balance between risks and revenues, the report said. - TradeArabia News Service

Tags: Saudi Arabia | Jeddah | growth | Report | Riyad Capital | Gross Domestic Product |

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