Kingdom’s GDP reaches 4.64% in the first year of the Ninth Development Plan
March 21, 2012
The Kingdom’s Gross Domestic Product (GDP) grew robustly during the first year of the Ninth Development Plan 1431/1432 H (2010), reaching 4.64% at constant prices compared to the plan’s target of 4.3%.
According to a report monitoring the implementation of the Ninth Development Plan issued by the Ministry of Economy and Planning, most economic indicators were positive during the first year of the plan, backed by the constantly improving international oil markets and the growth of public revenues. These factors allowed the government to continue its “expansionary fiscal policy.” Moreover, a boost in the investment climate contributed to the activation of the developmental role of the private sector and improved the competitiveness of the Saudi economy.
The report pointed out that the Kingdom ranked 21 out of 139 countries covered in 1432 H (2011) by the Global Competitiveness Report issued by the World Economic Forum, ahead of many countries such as China, Mexico, Brazil, Turkey and India. In the 2008/2009 report, the Kingdom ranked 27th.