Saudi economy in good shape, says SAMA chief

RIYAL PROGRESS: Finance chiefs are predicting further economic growth in Saudi Arabia. (Getty Images)

Saudi Arabia’s gross domestic product (GDP) grew by 3.4 percent in 2007 while its budget surplus in the year reached 12.3 percent of the GDP, according to latest figures.

The 44th annual report of the Saudi Arabian Monetary Agency (SAMA) reveals that the kingdom's private and public sectors grew by 5.8 and 2.7 percent respectively last year.

SAMA Governor Hamad Al-Sayari told Arab News on Tuesday: “The general financial situation improved considerably with the kingdom having budget surplus for the fifth consecutive year."

The kingdom’s balance of payment also recorded surplus for the ninth consecutive year, reaching 24.9 percent of the GDP.

The monetary and banking sector played an effective role by ensuring adequate liquidity to finance development projects, Al-Sayari added.

“In the light of the present economic facts and performance indicators, it is expected that the Kingdom would continue to make strong and comprehensive growth in the coming years,” the SAMA chief said.

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