Middle East Economic Survey

VOL. LII

No 34

24-Aug-2009

SAUDI ARABIA

Decline In Oil Production Affects Saudi Economy But Recovery Expected, Says NCB

The global financial crisis has not directly affected the Saudi economy, but the indirect impact will be significant, says the National Commercial Bank (NCB) in its latest Saudi Economic Perspectives report. The Kingdoms real GDP growth is expected to contract by 1% in 2009 as a result of the marked fall in oil production and prices. Oil revenues are...