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22 April 2024

Saudi economic growth slower after oil export cuts

By Agencies

Saudi Arabia said its budget surplus would shrink to $47.6 billion in 2007 and economic growth slow to 3.5 per cent after the world's largest oil exporter cut output to meet targets of the OPEC cartel.
The kingdom ran a record budget surplus of $70.6 billion last year and has been using the money to pay back debt.
Government debt would fall to 19 per cent of gross domestic product by the end of 2007 compared with 28 per cent of GDP in 2006, the finance ministry said in a statement on Monday.

GDP growth in 2007 would be 3.5 per cent, the ministry said. In 2006 the economy grew 4.3 per cent.  (Reuters)