Since the start of the oil boom in 2003, Saudi Arabia has achieved strong growth, aided by high oil revenues and a rapid expansion of the non-oil private sector. While inflationary pressures are easing, the global financial crisis poses new risks.
Since 2003, growth has averaged 4.3 percent, with a significant contribution from the non-oil sector.
… through the accumulation of net foreign assets and the reduction of public debt.
The global economic slowdown has started to ease inflationary pressures.
Sources: Saudi Arabian authorities; and IMF staff estimates.