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OPEC Member Countries Economy – August 2012

Source: OPEC 8/29/2012, Location: Middle East

Saudi Arabia’s real GDP is projected to slow down to around 5.0% in 2012 compared with 6.8% in 2011, but a surge in oil income will likely widen its fiscal surplus. Government spending will remain the main driver for the growth of the national economy. The Saudi economy is well prepared to adapt to the current global economic slowdown, even in case the debt crisis in the Euro-zone remains out of control. Oil revenues increased by 37.6% compared with last year due to the increase of production and oil prices. The increase, in terms of production and prices, has correlated to Saudi economic growth in three elements: The oil sector constitutes the major part of GDP; it is a major source of revenues for the state budget; and the country’s oil sector enjoys a competitive global advantage. The central bank of Iran has reported that the inflation rate has been rising since the beginning of the year. While the inflation rate was declining last year, it started to rise again this year, from 21.8% in the first month to 22.9% in the fourth month.

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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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