Saudi Economy Booming According to SED and Outlook Report

The Saudi Economic Developments and Outlook Report sponsored by the National Commercial Bank states that the economy of Saudi Arabia has continued to grow apace, with a real GDP climbing to 6.8 percent annual growth. The expansion was due both to the oil and non-oil sectors.

Per capita income rose to record levels, reaching SR 93,317 ($24,871). Revenues were in part boosted by the EU sanctions place on Iran which was set in motion last July. The sanctions allowed the Kingdom to continue its 30-year high daily output. Saudi oil output increased by 7.2 percent in 2012, translating into a daily production of 9.92 million barrels of oil per day. This level of production helped to boost the oil sector GDP by 5.5 percent, representing the fastest growth rate since 2005.