The Report: Saudi Arabia 2014

The Report: Saudi Arabia 2014

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Home to an estimated 15.9% of the worlda€™s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013. Indeed, while some Western countries may be seeing a return to cautious optimism and leading emerging economies are weighing the potential impact on capital flows of tapering in the US Federal Reservea€™s quantitative easing programme, Saudi Arabia is seeing sustained growth buoyed by high global oil prices and internal investment in its own infrastructure. Some 15 years after Saudi Arabia attended the inaugural meeting of G20 countries, its key economic indicators make it the envy of many other member states. Given the size of Saudi economy within the regional and indeed global market, OBG looks in depth at bilateral trade between ASEAN nations and the GCC.Diversification has been a policy across the GCC for a number of years, with the results already demonstrable. Indeed, a February 2014 report by Kuwait Finance House Research suggested, for example, that while the GCC economy as aanbsp;...

Title:The Report: Saudi Arabia 2014
Author: Oxford Business Group
Publisher: - 2014-08-18

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