JEDDAH, 21 January — The Saudi private sector registered a 2.4 percent growth in the year 1999/2000 and contributed 38 percent of the country's gross domestic product (GDP) which translates into 48 percent based on fixed prices, the Council of Saudi Chambers of Commerce and Industry (CSCCI) said in its annual report.
CSCCI Chairman Ismail Abu Dawood said the year saw the economy entering a new phase following a package of measures adopted by the government to open up the economy and attract foreign capital. He referred to the formation of the Supreme Economic Council and the General Investment Authority as well as the introduction of the foreign investment law and other steps to attract capital.
It said most of the economic indicators had improved with the rise in oil prices reflecting positively on the economic performance and allowing the private sector to grow by 2.4 percent.
Abu Dawood, who also chairs Jeddah Chamber of Commerce and Industry, said the world economy improved significantly during the year 1999/2000 and experienced a growing trend of globalization with most developing economies opening up and introducing structural reforms.
The report gave an insight into the economic developments in the Kingdom and member countries of the Gulf Cooperation Council as well as other Arab countries. It cited the reforms adopted by the Saudi government over the past several years with the aim of putting the economy on the tract of real growth and create more jobs.
It gave a detailed analysis on the performance of the Saudi private sector describing the year as distinctive in regard to economic development. The 2.4 percent growth in the private sector is an indication to the expanding base of this sector and its increasing role in the overall economic and social development of the country, the report said.
The report outlined CSSI activities during the year while highlighting its efforts to address problems facing the private sector, strengthen relations with government departments and international institutions and coordinate activities of the local chambers. (A.B.W.)
