1997 News Story

Kingdom's GDP continues to rise

Minister of Finance and National Economy Dr. Ibrahim Al-Assaf announced today that the Gross Domestic Product (GDP) of the Kingdom of Saudi Arabia reached U.S. $ 136 billion in 1996, a figure which is four times higher than that for 1969. This puts the Saudi economy in the first position in the region, and 28th worldwide. Dr. Al-Assaf remarked that this achievement has been possible due to the stable economic policies in the Kingdom, the free market economy, and the appropriate conditions for local and foreign investment, pointing out that the Saudi economy allows free flow of capital as well as maintaining a strong currency with a stable exchange rate. Concerning other economic indicators, he stated that growth in the Kingdom continues, and the balance of payments for 1996 also reported good performance, with a total of U.S. $ 100 million surplus in the current account.