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Saudi private sector registers 2.4% growth
Feb 4th, 2001
The Saudi private sector continued its positive performance during 1999 by registering a rate of growth estimated at nearly 2.4 per cent at current prices, it was reported today.

The Council of Saudi Chambers of Commerce and Industry issued here today its 13th Annual Report, which showed that the share of the private sector in the Gross Domestic Product during the year was 38 per cent, noting that it was less than the previous year, when it reached 40 per cent, but was estimated at 48 per cent when it was evaluated in terms of fixed prices. The report explained that these figures demonstrated the continual expansion and increased efficiency in the march of economic and social development in the Kingdom.

The report elaborated the activities of the private sector, noting that the transformatory non-oil industries registered 6.3 per cent growth, construction and building sector 2.1 per cent and the electricity sector 3.9 per cent.

The Council said that the banking sector continued to get stronger. The total bank capital and reserves at the end of the ten months in 1999 reached SR42.1 billion.

The report expected that the private sector would continue its positive growth within the framework of the increase in governmental expenditure and the positive effects of various and continual economic reforms that were started by the government in 1998.
Source: SPA 

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