Saudi Fransi: Private sector to grow 3.7% in 2010

17 January 2010

Banque Saudi Fransi has said the private sector in the kingdom is expected to recover to 3.7% in 2010, but will remain below the 4.7% of 2008, prior to the global financial crisis, Reuters has reported. The growth will be driven mainly by state spending and bank lending, the lender said. The private sector accounts for about 46% of the kingdom's Gross Domestic Product (GDP). Private sector growth hit a 14-year low of 2.5% in 2009.

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