Saudi Arabia achieves high economic growth

The Saudi Arab Monetary establishment announced that the GNP in Saudi Arabia has increased at 13.7% in 2003.

The governor of the establishment ( the Saudi central bank) Hamad al-Sayari discussed the annual report of his establishment -- including one topic on the situation of the Saudi economy in 2003 -- which he had related to the Saudi King Fahd Bin Abdul Aziz on Tuesday evening.

Al-Sayari attributed the increase in the growth to 13.7% in 2003 from 3% from the figures of 2002 to the improvement in the price of oil and the expansion of the private sector activity which increased at 4.4%. He stressed achieving a surplus in the state budget reaching $ 9.6 billion in 2003 in comparison with a surplus reached $ 5.5 billion in 2002.

He indicated that this surplus was not achieved during two decades expecting better results in the current year, thanks to the high rates achieved by oil prices with the expansion in the private sector and improving and developing the investment environment.

In December 2003, the Saudi ministry of finance expected a registered surplus in the budget at $ 12 billion.

The balance of payment in 2003 witnessed a standard surplus for the fifth running year that reached $ 26.7 billion against $ 11.9 in 2002.