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Transcript of Economic growth
measured by the annual percentage change in real GDP. Measurement Growth rate of GDP = [GDP (2010) - GDP (2011)]/ GDP (2010) × 100] SAUDI ARABIA ECONOMIC GROWTH Oil industry 20% of the global
proven petroleum reserves IN SAUDI ARABIA Petroleum sector accounts for
80% of budget revenues
45% of GDP
and 90% of export earnings Oil - production
10.52 million bbl/day (2010 est.)
7.635 million bbl/day (2009 est.) GDP 4.4% in 2012 natural gas production, Plastic materials Economic growth will slow to Economic cities spread economic wealth diversify the economy from its dependence on oil Creation of jobs Education and health services Real GDP growth (2008-12) in order to employ more Saudi nationals REFERENCES Causes of Economic Growth increase in aggregate Demand (AD) Supply In the short term and/or Figure.3 Figure.1 Figure.2 Higher living standard Rising Employment Increase fiscal dividend Greater business confidence Potential environmental benefits 1. www.qnb.com.qa
6.http://tutor2u.net/economics/revision-notes/as-macro-economic-growth.html Questions Time? By : ECONOMIC GROWTH TREND RATE the average sustainable rate of economic growth in a period of time * Trend rate is used as measurement to maintain a speed limit of growth over number of years without increasing the inflationary pressure Below the trend Above the trend When the economy grows much quicker than the trend (positive output gap) (negative output gap) If the economy is growing slowly and the growth is far below the trend rate then output mostly likely will fall short of potential GDP World trend rate / per year UK 2.5% China 6% India 8 or 9 %