Saudi industry sees 5.5 percent growth in 1999
Saudi Industry Minister Hisham bin Abdullah Al-Yamani said Saudi Arabia's industrial sector recorded growth of 5.5 percent in 1999, while investments in industrial projects totaled more than $64 billion. He said that the value of Saudi industrial products, mainly petrochemicals, reached $22 billion, of which around a quarter represented the kingdom's industrial exports.
The minister added that the contribution of the industrial sector to gross domestic product (GDP) has risen from 5 percent in 1980 to 10 percent in 2000 and should reach 20 percent over the next 20 years.
The Saudi government approved in August its 7th five-year plan for economic development (2000-2005), that forecasts annual GDP growth of 3.16 percent. — (Lebanon Invest)
© 2000 Mena Report (www.menareport.com)