Assaf added that, based on the fixed prices for this year, the GDP is expected to grow at 6.8% as the oil sector is expected to grow at 5.5%. The domestic production for non-oil sector is expected to reach 7.2% as the governmental sector is expected to grow at a rate of 6.3% and the private sector at 7.5%. Thus, the contribution of the private sector in the GDP reaches to 58%. All economic activities components of the domestic production for non-oil sector achieved a positive growth. It is estimated that the real growth of non-petroleum transformable industries is to reach 8.3%, the activity of communications, transport and storage (10.7%), electricity, gas and water (7.3%), building and construction (10.3%), wholesale and retail trade, restaurants and hotels (8.3%) finance, insurance, real estate and business services (4.4%). The minister of finance said that the index of living cost, the most important indicator for the general level of prices, increased during the year 1433/1434H (2012) by (2.9) in comparison with what it was in 1432/1433H (2011) according to methodology, goods basket, new services and the base year (2007). According to the old methodology and the base year (1999), the change represents 4.5% for the same period. The deflator of GDP for the non-oil sector, which is one of the most important economic indicators to measure inflation at the level of the economy as a whole is expected to grow at a rate of 3.8% in the year 1433/1434H (2012) in comparison with last year, in accordance to the estimates by the Central Department of Statistics and Information. The minister of finance added that the size of public debt is expected to reduce to SR98,848,000,000 (ninety eight billion eight hundred forty eight million Saudi Riyals) by the end of the current fiscal year 1433/1434H (2012), representing 3,6% of the expected GDP for the year 1433/1434H (2012) in comparison with SR135,500,000,000 (one hundred thirty five billion five hundred million Saudi Riyals) in the year 1432/1433H (2011). --More
