The Saudi Arabian Monetary Agency (SAMA) expects gross domestic product to grow 1.8 percent this year, the central bank said in its 52nd annual report released on Monday. The figure is higher than the IMF forecast of 1.2%.
The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, SAMA said. Real economic growth rates in GCC countries varied in 2015. The growth rate in Saudi Arabia declined slightly from 3.6 percent in 2014 to 3.5 percent in 2015.
The bank also found a drop in the inflation rate in Saudi Arabia from 2.7 percent in 2014 to 2.2 percent in 2015.
Saudi Arabia’s recorded deficit was $40.6 billion in 2015.
“The Saudi economy continued its growth during 2015 despite the fall in global oil prices, drawing upon the vision of the Council of Economic and Development Affairs. The council aims at establishing economic and development policies, framing them in a harmonious framework to achieve growth objectives through five-year plans and limiting the reliance on oil revenues, as GDP at constant prices (base year 2010) grew by 3.5 percent to SAR 2,520.8 billion,” SAMA said.