Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Arabia's Nominal GDP to Reach New Record Level in 2012  Join our daily free Newsletter

MENAFN - Qatar News Agency - 08/12/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Qatar News Agency) Saudi Arabia's budget and external surpluses are expected to reach a new record level in 2012 due to high level of average daily production in three decades and a record level of average crude prices for the year.

Budget surplus is expected to reach SR 493 billion in 2012 with total revenue of SR 1.24 trillion and spending of SR 746 billion, the Saudi daily (Arab New) reported Saturday, citing a report by Al-Rajhi Capital. It expects the surplus to shrink to SR 220 billion in 2013. However, surplus is expected to rise slightly to SR 232 billion in 2014.

Trade balance is expected to reach SR 944 billion (40 percent of GDP) in 2012 which will decline to SR 669 billion (28 percent of GDP) in 2013. However, it is expected to remain flat in 2014 at SR 678 billion (27 percent of GDP). Similar trend is expected in current account balance as it will peak in 2012 at SR 609 billion (26 percent of GDP) to decline to SR 329 billion (14 percent of GDP) in 2013 and SR 328 billion (13 percent of GDP) in 2014.

The report said crude production has been rising in Saudi Arabia since global recovery started in the middle of 2009. The average daily production was 8.3 mbd in 2010 which jumped up to 9.3 mbd in 2011 due to supply disruptions in Libya and other smaller oil producing countries.

Average daily crude production in Saudi Arabia in the first 10 months of this year has been 9.8 million barrel per day as reported by Organization of Petroleum Exporting Countries (OPEC). The average production in January-October period is 6 percent higher compared to the daily average production in 2011.

However, the production has been easing after peaking in June when it crossed 10 mbd. The latest data available from OPEC shows that the average daily production was 9.7 million barrel in October. According to Al-Rajhi Capital, the average daily production to be around 9.7 million barrel in 2012. The average crude prices in 2012 have been flat compared to average price in 2011.

Average Brent price this year has been 112.1 per barrel compared to 111.3 per barrel last year. Average WTI Nymex crude price has been similar at around 95 per barrel in 2011-12. The average Arab Light prices have been 110.5 per barrel in 2012 - close to the bank's forecast of 112 per barrel in April this year.

The nominal GDP growth in the first two quarters of the current year was robust though it showed moderating trend as expected due to flattening trend in crude production and prices. The nominal GDP grew by 16.9 percent y-o-y and 6.8 percent y-o-y in Q1 and Q2 of 2012 respectively.

The moderation was witnessed primarily due to sharp deceleration in oil sector which grew by 25.3 percent in Q1 but only 7.3 percent in Q2, the report said. Nonoil sector remains resilient as growth in the sector was 6.7 percent in Q1 and 5.9 percent in Q2 of 2012 due to robust growth in the nonoil private sector.

Nonoil private sector grew 10.6 percent and 11.1 percent in Q1 and Q2 respectively as against nonoil government sector growth of 0.2 percent and -1.8 percent during these two quarters.

Al-Rajhi Capital expects nominal GDP to reach SR 2.35 trillion in 2012, an 8.8 percent growth from the last year. However, nominal GDP is expected to be flat next year which will rebound to SR 2.53 trillion in 2014.

For real GDP, growth is expected to be 4.9 percent this year and a slow down to 3.3 percent in 2013. However, the growth is expected to be rebound to 4.5 percent in 2014.


  MENA News Headlines
Apr 23 2014Kowait: 5938 illegal residents said 'rectified' status ,Arab Times
(MENAFN - Arab Times) Kuwait city april 5 (kuna): up to 5 938 illegal residents have modified their status since formation of the central agency for remedying illegal residents' status in 2011 ...

Apr 23 2014Kowait- 'All must join hands to save youth from strife' ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (kuna): minister of information and minister of state for youth affairs sheikh salman al-sabah said tuesday the youth ministry has completed a study ...

Apr 23 2014Kowait- MoH boosts efforts to curb obesity rate ,Arab Times
(MENAFN - Arab Times)  kuwait city feb 3 (kuna): director of the health well-being division of the ministry of health dr abeer al- baho affirmed sunday that the ministry scaled up the efforts ...

Apr 23 2014UAE- Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014UAE- ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Galadari Automobiles unveils all-new 2015 Mazda3 in UAE ,Khaleej Times
(MENAFN - Khaleej Times) The all-new mazda3 was unveiled to the world at events held simultaneously in five cities where the consensus was loud and clear: ?mazda has done it again!? galadari ...

Apr 23 2014Kowait- Parliament refuses to lift MP immunity ,Arab Times
(MENAFN - Arab Times) Kuwait april 3 (kuna): the national assembly committee on legislative and legal affairs has turned down a request from the public prosecution on wednesday to lift the immunity ...

Apr 23 2014UAE- Cassation Court upholds' drug dealer's life term ,Khaleej Times
(MENAFN - Khaleej Times) The abu dhabi court of cassation on monday upheld the life sentence awarded to a gcc national for drug smuggling and trafficking. the court also upheld his one-year ...

Apr 23 2014Kowait- 'Probe delay in Jaber Stadium construction' ,Arab Times
(MENAFN - Arab Times) Kuwait city april 7 (kuna): the cabinet has asked its fatwa and legislation department to take necessary legal procedures to send a report on negligence and remissness that ...

Apr 23 2014Breaking an egg ... for charity in Abu Dhabi ,Khaleej Times
(MENAFN - Khaleej Times) The campaign which runs till the end of april features a live exhibition to the public and a private auction of the life-sized eggs. shaikh nahyan bin mubarak al nahyan ...

Apr 23 2014Kowait- Rationalization of water use in focus ,Arab Times
(MENAFN - Arab Times) Kuwait city april 7 (kuna): under the patronage of minister of electricity and water abdulaziz al-ibrahim kuwait environment protection society (keps) organized monday a ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- MoI FM discuss visa issuance by embassies ,Arab Times
(MENAFN - Arab Times) Kuwait april 10 (agencies): officials of the ministries of interior and foreign affairs on thursday discussed implementation of a decision by the minister of interior to ...

Apr 23 2014Kowait- Men women's brains wired differently ,Arab Times
(MENAFN - Arab Times) Washington dec 23 (afp): women aren't very good at reading maps and men are incapable of multi-tasking. at first glance they might seem like a couple of hoary old stereotypes ...

Apr 23 2014Emirates NBD opens branch at Wafi Mall ,Khaleej Times
(MENAFN - Khaleej Times) Emirates nbd on tuesday announced the opening of its new branch at wafi mall which is in line with the bank?s strategy to focus on customer centricity and convenient ...

Apr 23 2014UAE- Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Kuwait- Five individuals tested negative for Coronavirus ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Health Authority of Abu Dhabi (HAAD) announced here on Tuesday that five more of the individuals who were in isolation in hospital with MERS Coronavirus ...

Apr 23 2014Jordan complains to UNSC about Israeli "alarming" developments in Al-Aqsa compound ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Jordan on Tuesday complained to the Security Council about the unhindered incursions into the Haram Al-Sharif compound by Israeli settlers and extremists, under ...

Apr 23 2014Three tied for Asian lead ,Khaleej Times
(MENAFN - Khaleej Times) Gms adhiban of india maghami of iran and yangi of china going strong former asian women’s champion irene sukandar of indonesia (right) beat atousa pourkashiyan ...

Apr 23 2014UAE- ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...


Click to Apply



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help