Saudi economy growing at 3.5 percent annually
A recent released economic report reported about in Al-Sharq Al-Awsat, has estimated that the Saudi Arabian GDP will reach SR 541 billion by the end of 2000. That being the case, the country will achieve a 3.5 percent growth rate for the current year.
Oil prices, which have achieved their highest in nine years, have boosted the national economy, with local and foreign investments growing, and capital spending rising as high as SR 9.1 billion.
The average income has risen as well, and is expected to reach $7,000 per capita by the end of 2000. Consequently, investments by both individuals as well as companies are expected to rise.
The net asset value of the Saudi commercial banks rose by 2.1 percent from SR 404 billion in 1998 to SR 409 billion in 1999. The total asset value of these banks is expected to rise to SR 415 billion by the end of 2000.
In addition, the Arab Investment Guarantee Association has recently revealed that the total value of Saudi exports hit $42 billion in 1999, compared to $39.5 billion in 1998, a 6 percent rise. Saudi imports had decreased to $27.5 billion in 1999, down 7 percent from $29.7 billion in 1998. – (Albawaba-MEBG)