(MENAFN - Qatar News Agency) Saudi private sector's contribution to gross domestic product (GDP) is expected to exceed 58.75 percent in 2013, the Finance Ministry said in a statement.
In real terms, GDP for 2013 is estimated to grow by 3.8 percent compared to 5.81 percent last year
The oil sector is estimated to decline by 0.61 percent while the government sector is estimated to grow by 3.73 percent and the private sector by 5.5 percent in 2013, the statement said, according to Arab News daily
All components of nonoil GDP recorded positive and healthy growth in 2013
Specifically, nonoil industrial sector is estimated to grow by 4.72 percent; construction by 8.11 percent; transport, storage and communication sector by 7.20 percent; wholesale, retail, restaurants, and hotels by 6.16 percent; and finance, insurance and real estate by 4.86 percent
The budget projected a modest 4.3 percent rise in spending in 2014, suggesting the Kingdom is starting to slow expenditure growth after three years of huge increases
The rise in planned spending is far smaller than the 19 percent leap envisaged by the 2013 budget plan.