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[June 22, 2014]
Saudi's real GDP to grow 4.3% in 2014 - NCB [Mubasher (Saudi Arabia)]
(Mubasher (Saudi Arabia) Via Acquire Media NewsEdge) Saudi economy witnessed last year its slowest economic growth rate since 2009, Arab News stated citing a report by the National Commercial Bank (NCB).
The bank added that Saudi Arabia will face a modest business cycle during 2014 and 2015, growing around 4%.
In 2013, the real GDP growth decelerated to 4%, mainly against the backdrop of the negative contribution from the oil sector, stemming from a lower production level.
The Saudi oil output dropped by around 1.6% in 2013, averaging 9.64 million bpd, which weighed negatively on the oil sector GDP that declined by 1%, according to the report.
The economic growth outlook for 2014 will continue to be driven by nonoil growth, with oil maintaining its negative contribution.
The bank forecasts real GDP growth of 4.3% in 2014, as the non-oil sector maintains last year's pace of 5.4%, driven by the private sector, mainly manufacturing and construction.; All Rights Reserved - Mubasher Info (c) 2014 Provided by SyndiGate Media Inc. (Syndigate.info).
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