Kingdom’s GDP Growth Rate Rises by 4.8%

An economic report done by the Arab Economic Unity revealed the rise in GDP growth rate in Saudi Arabia by 4.8% in YE 2007 compared to 4.2% in 2006. it explained that the rise in the Kingdom coincided with  the rise in GDP in 7 other Arab nations, and a decline in 10 others in 2007 compared to 2006.
The report would be presented by Dr. Ahmed Goweili, Secretary General of the Arab Economic Unity in before the regular Ministerial session (87) of the Council, which would be held in Alexandria on June 5th. It showed an increase of economic growth in the Kingdom where the growth rate increased to 4.8 in 2007 compared to 4.2 in 2006, in Tunisia where it rose to 6% versus 5.3%, in the Sultanate of Oman where it reached 6% versus 5.9%, in Djibouti where the rise was up to 5.1% compared to 4.5%, in Algeria 4.5% versus 2.7%, in Syria to 3.3% from 3%, in the Comoros 3 % Versus 1.2%, and in Libya to 7.9% compared to 5.6%.
The report also pointed to the decrease in the GDP growth rate in Sudan, the UAE, Qatar, Bahrain, Egypt, Kuwait, Yemen, and Mauritania. It also remained low in Lebanon at the level of 1% for the third consecutive year, while stabilized GDP growth rate was registered in Jordan at the rate of 6% during 2006 and 2007.
The report indicated that the rate of growth in many Arab countries during 2006 and 2007 was better than the rate of growth of world economy, stressing that the rise of escalating global crude oil prices and increased production volume and export in the Arab countries played an important role in improving the overall economic growth rate of Arab countries. This, coupled with the expansion in investment spending and the continued application of policies and programs of economic and structural reform and the increase of the private sector’s role in the development process, has made the these encouraging results.