Saudi Arabia's economy is projected to sharply rebound by around 3.9 per cent in 2010 on the back of a strong private sector performance despite dormant domestic credit, a key bank in the Gulf kingdom said yesterday.
Banque Saudi Fransi (BSF) said this year's real GDP growth would be sharply higher than the 0.6 per cent expansion in 2009, adding that the oil sector is expected to expand after a sharp fall in 2009. "We are maintaining our 3.9 per cent real GDP growth forecast for Saudi Arabia despite the likelihood that oil sector expansion looks set to be slower than earlier anticipated, with total oil production averaging 8.35 million barrels a day," BSF said.
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Saudi Arabian Economy To Rebound By 3.9% In 2010
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