UPDATE 1-Saudi crown prince expects economic growth of 2.5 pct in 2018
- Country:
- Saudi Arabia
Saudi Crown Prince Mohammed bin Salman said on Wednesday the kingdom will continue with reforms and spending on infrastructure, predicting the economy will grow by 2.5 per cent this year.
Speaking at an investment conference in Riyadh, the crown prince also said he expected economic growth next year to be higher.
Higher oil prices have helped Saudi Arabia's economy grow in the second quarter at its fastest pace for over a year, according to official data.
The gross domestic product, adjusted for inflation, expanded 1.6 per cent from a year earlier in the April-June quarter. That was up from 1.2 per cent in the first quarter and the fastest growth since the fourth quarter of 2016.
The pick-up was mainly due to the government sector, where growth jumped to 4.0 per cent from 2.7 per cent as authorities boosted spending, the data showed.
The crown prince also said the kingdom would press ahead with a war on terrorism.
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