Jeddah - QNA
Saudi Arabia is heading for real GDP growth of 6 percent in 2012, according to Moody's Investors Service. It also said the outlook for Saudi Arabia's banking system remains stable, reported Arab News on Tuesday. The Kingdom’s nonoil private-sector real GDP to expand by 5.2 percent in 2012 and 5.5 percent in 2013, following 6.4 percent growth in 2011, with overall real GDP growth forecast at 6 percent in 2012, one of the highest rates in the GCC, Moody's said. Commenting on Moody's report, Asim Bukhtiar, vice president and head of research at Riyad Capital, said: "Considering that the Kingdom managed 4.6 percent GDP growth in a difficult 2010, the projected 6.0 percent in 2012 should be achievable." He said: "Strong commercial credit demand suggests that the economic engine is humming along. However, 2013 may present challenges as trading partners grapple with deteriorating growth prospects."