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MENAFN - Qatar News Agency - 04/03/2013

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(MENAFN - Qatar News Agency) Saudi Arabia's Gross Domestic Product (GDP) growth in 2012 was 6.8 percent while private sector grew by 7.5 percent, the Saudi Arabian Monetary Agency (SAMA) said Sunday.

Saudi Arabia achieved a historic surplus in the balance of payment in 2012 estimated at around 670 billion riyals (USD 178.6 billion), SAMA Governor Fahad Al-Mubarak told a news conference here.

Al-Mubarak said inflation retreated last year to 4.6 percent from five percent a year earlier. He said the Saudi general budget recorded a surplus of 386 billion riyals (USD 102.9 billion) while public debt decelined below 100 billion riyals (USD 26.6 billion).

He attributed economic growth to increased government spending on infrastructure projects, as well as development of business environment which contributed to attraction of local and foreign investments.

Al-Mubarak said the International Monetary Fund (IMF) anticipated the Saudi economy to grow by 4.2 percent in 2013 and 3.8 percent next year providing oil production kept current levels.

 






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