Dubai, June 11 (PTI) Saudi Arabia's economy is likely to grow five per cent this year, up from an earlier forecast of 3.9 per cent, as a result of the recent economic stimulus measures launched by the government.
The country's plan to spend a further USD 93 billion will boost the country's real GDP performance in 2011, Business Monitor International said.
In a new forecast of the country's economy, BMI analysts said, "the increase in public spending has led us to revise our forecasts for Saudi Arabia's fiscal position, forecasting a drop in deficit of one percent".
Saudi Arabia's non-oil sector would play an increasingly vital role for the economy, as the government's initiative to diversify the economy away from the hydrocarbon sector would bolster private consumption, BMI's report said.