Saudi non-oil exports growth slows in 2008

EXPORTS SLOWDOWN: The growth in Saudi Arabia's non-oil exports more than halved in 2008, compared to the previous year. (Getty Images)

The growth of Saudi Arabia's non-oil exports in 2008 slowed down to less than half its level the previous year, the central bank governor said on Wednesday.

The growth of non-oil exports is a key indicator of the kingdom's success in diversifying its oil-based economy fast enough to create jobs for a rapidly-growing native population, which is the largest population among other oil-exporting Gulf countries.

Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA), said non-oil exports grew 10.2 percent to 115.1 billion riyals ($30.7 billion) in 2008 against a 22.5 percent growth in 2007.

Speaking at a conference on Islamic insurance for export credits, Jasser said non-oil exports were at 21.8 billion riyals in 1999.

Petrochemicals and plastics, produced by companies such as state-controlled Saudi Basic Industries Corp (SABIC), make up about 54 percent of Saudi Arabia's non-oil exports, official data show.

SABIC's earnings fell by more than 95 percent in the fourth-quarter of last year due mainly to a drop in global demand. (Reuters)

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