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OPEC Member Countries Economy – April 2012

Source: OPEC 5/7/2012, Location: Middle East

Saudi Arabia’s GDP expanded 6.6% in the 4Q11 from a year earlier on additional government spending and higher oil prices. The government sector grew by 3.6% and the private sector by 9.9%, the Central Department of Statistics and Information in Riyadh said on its website. The oil industry has expanded by 6.1%. According to a recent report by Standard Chartered, Saudi Arabia entered 2012 with positive fundamentals supporting growth due to high oil prices, together with substantial government spending and ample banking-sector liquidity.

The report expects that public expenditure on non-oil infrastructure projects is likely to be 7% higher than last year. The oil sector is likely to be slightly higher than in 2011, with most of the growth coming from the non-oil economy. The 2012 budget allocates $45 billion to the education sector, including 742 new schools and 40 new colleges. Health care is allocated $23.1 billion and includes 17 new hospitals, in addition to the 130 under construction, it stated. Infrastructure spending includes $9.4 billion for transport, and projects include the expansion of a number of the country’s airports and the construction of close to 4,000 km of roads.

The UAE economy is moving in the right direction and Dubai looks confident that it can repay about $10 billion in debt due this year. Inflation in the UAE fell by 0.44% in February, compared to January this year, while increasing by 0.56% on a y-o-y basis, mainly because of food inflation, according to the data from the National Bureau of Statistics. Inflation in the country is expected to remain under 2% in 2012, according to the Ministry of Economy, On the other hand, independent analysts predict the inflation rate might be 2.4% while it was 1.6% last year.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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