Saudi Arabia’s real GDP grew by 5.1% in 2012, but this is set ease to 4% for 2013, the IMF said this week after the conclusion of Article IV consultations. Although non-oil GDP is set to rise by 5.9% this year, oil GDP will fall by 3.3%.
For 2012 Saudi Arabia benefited “from high oil prices and output, strong private sector growth, and government spending,” the IMF says. However, for the first six months of 2013 the average export price for Saudi Arab Light crude was $105.97/B, down $6.70/B (6%) on the same period a year earlier. Meanwhile, Saudi crude production, at 9.34mn b/d for the first half of 2013, was over 400,000 b/d (5.5% %) down on the same period last year. Soaring domestic oil consumption – including the direct burning of crude in power plants – means that export volumes have fallen further. (CONTINUED - 910 WORDS)
