King patronizes economic forum 2012 Jeddah 2

Addressing the opening ceremony, the Minister of Commerce and Industry said that Jeddah Economic Forum has become a distinct platform hosting an elite of experts from the Kingdom and abroad. Recalling the previous years of the global crisis, he said the strength of the Saudi economy had been amply demonstrated and that the measures and programs adopted by the Kingdom have been effective in overcoming the crisis that shook the whole world. Dr. Tawfiq Al-Rabiah pointed out that economic reforms undertaken by the Kingdom have been reflected on economic environment and statistics indicate the increase of Gross Domestic Product by 28% in 2011 in comparison with 2010, due to the growth of petroleum sector by 40%, adding that with regard to foreign trade, revenues amounted to SR 1300 billion in 2011, an increase of 37% compared to the previous year 2010, and it is expected to increase by 14% next year. He noted that imports amounted to SR 320 billion in 2011, an increase of 2% from the previous year 2010, indicating that economic balance achieved a surplus of SR 315 billion by 59%.