Gross Domestic Product GDP is estimated to grow in 2004 by (16.9) percent in current prices (5.3) percent in constant prices), reaching SR (931.8) billion. One of the major factors contributing to this growth is the increase in oil prices as well as the quantities produced. As a result, the oil sector is expected to grow by (28.2) percent in current prices. Private sector GDP is estimated to grow by (6.7) percent in current prices and by (5.7) percent in constant prices. In particular and in real terms the non-oil industrial sector is estimated to grow by (6.4) percent, construction sector by (7.5) percent, electricity, gas, and water sector by (4.5) percent, and transport, communication sector by (7.8) percent, and wholesale, retail, restaurants, and hotels by (4.9) in constant prices. 2 - General Price Level Inflation, as measured by the cost of living index, is estimated to have increased by (0.2) percent in 2004, while the non-oil GDP deflator has shown a small increase of (1) percent. 3 - Balance of Payments According to SAMA preliminary data, current account is estimated to record a surplus amounting to SR (193.2) billion in 2004 compared to (105.2) billion in 2003. Non-oil exports are estimated to grow by (23.8) percent in 2004 totaling SR (51) billion, representing (11.3) percent of total exports. 4 - Money and Banking The government fiscal financial and monetary policies continue to be guided by the objective of maintaining stability in price level and exchange rate. The broad money supply during the first ten months of 2004 grew by (9.6) percent compared to (4.2) percent in the same period of the pervious year. With regard to banking sector, Bank deposits recorded a growth of (10.1) percent during the first ten months of 2004, total banks claims on public and private sectors increased by (26.3) percent ; also their capital and reserves increased by (12.9) percent reaching SR (53.1) billion. --mor 1849 Local Time 1549 GMT
