Lower oil production will slow down Saudi Arabia?s economy in 2013 but the downturn will be offset by expansion in the non-hydrocarbon sector because of high public spending, according to a key Saudi investment firm. The Gulf kingdom?s real GDP is projected to grow by around 4.2 per cent this year compared with 6.8 per cent in 2012 and as high as 8.5 per cent in 2011, the Riyadh-based Jadwa Investment said in a study sent to Emirates 24/7. ?We expect economic growth to fall to 4.2 per cent in 2013, down from 6.8 per cent in 2012. This decline is because oil production is forecast to drop by 1.5 per cent after a 5.5 per cent rise in 2012. Growth in the non-oil economy will be 5.8 per cent,? it said.
[wnga]Source: http://sustg.org/blog/2013/01/18/lower-oil-output-to-cut-saudi-gdp-growth-in-2013-2/
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