JEDDAH, 27 October 2004 — Saudi Arabia’s gross domestic product grew by 13.7 percent in fiscal 2003 compared to three percent in the year before, according to Hamad Al-Sayyari, governor of the Saudi Arabian Monetary Agency (SAMA).

Presenting a report on major economic developments in 2003 and 2004 to Custodian of the Two Holy Mosques King Fahd, Sayyari attributed the Kingdom’s excellent economic performance to surging oil prices.

He also said that the private sector achieved a growth rate of 4.4 percent during 2003 when the state recorded a surplus of SR36 billion compared to a deficit of SR20.5 billion in the previous year.

The balance of payment also achieved record surplus, which the Kingdom had never achieved for more than two decades, as it amounted to SR111.2 billion compared to SR44.5 billion in the previous year.