Saudi Arabian Monetary Agency welcomes diversification away from oil
The Saudi Arabian Monetary Agency released its 2012 annual report yesterday, revealing optimism over the government's stated intent to diversify away from oil.
In 2011, the report reveals, Saudi Arabia's GDP grew by 7.1%, compared with 5.1% in 2010. The growth was driven chiefly by continued expansion in the oil sector, but the report praised government efforts to "diversify the economic base" and increase the contribution of the non-oil sector to GDP.
In particular, the contribution to GDP of
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