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
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.