The Kingdom of Saudi Arabia has maintained sustainable economic growth. In 2013, conspicuous developments were noticed in all economic sectors including oil & gas, petrochemicals, mining, infrastructure development, power, water and manufacturing industries.
In 2013, the GDP was estimated to reach SR2,794.8 billion in current prices representing a 3.8 percent growth in real terms. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy. A number of government initiatives have contributed to a rise in the private sector confidence and the private sector’s contribution to GDP was expected to exceed 58.75 percent. All components of non-oil GDP recorded positive and healthy growth in 2013 specifically non-oil industrial sector was estimated to grow by 4.72 percent.
Based on the continuous economic growth, the International Monetary Fund in its 2013 Report acknowledged that Saudi Arabia was one of the best performing G-20 economies and the Kingdom supported the global economy through its stabilizing role in the world’s oil market. The Standard & Poor’s focused on the sustainable economic growth confirming Saudi Arabia’s sovereign rating at AA-. It also raised the Kingdom’s credit rating outlook to “positive” from “stable”.
To read more, go to www.sagia.gov.sa