"Saudi Arabia's economy would grow around 5.3 percent in 2012, its second highest growth rate in seven years, Jadwa Investment said Wednesday. "Real GDP will expand by around 5.3 percent, fuelled by a 6.7 percent growth in the government sector and 5.1 percent increase in the hydrocarbon sector. The non-oil private sector is also expected to swell by about 4.9 percent." The report forecast though that the real GDP growth this will year will be lower than the 6.8 percent growth in 2011, when oil prices hit a record high average of around $106 a barrel and the Kingdom boosted its crude output by 1.1 million barrels per day to 9.3 million bpd."

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