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Kingdom begins the new year on a positive note
Filed under NewsFeb 8As the Gulf Cooperation Councils biggest economy closes the books on 2009, it may well be remembered as a year of caution and mixed fortunes. Economic growth was positive and inflation fell, but lower oil prices caused the state budget to drift into deficit territory. Nevertheless, with the government clearly committed to supporting the economy through stimulatory spending, higher growth is already expected in 2010.
Saudi Arabias GDP grew by 0.15% in 2009, while inflation fell drastically to 4.4% from 9.9% in 2008, according to preliminary figures released by the Ministry of Finance.
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Saudi industries eye European expansion
Filed under NewsJan 13JEDDAH – Saudi manufacturers intend to increase their exports to Europe amid growing demand for high quality Saudi products across the European Union (EU) market.
The trend would help maintain the Kingdoms status as one of EUs top 15 international trading partners.
In particular, the Kingdom is monitoring Europes construction industry, the regions biggest sectoral employer and one of its major sources of gross capital.
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