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Saudi non-oil GDP growth to slow to 2.8 percent

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Staff writer ▼ | June 27, 2016
Saudi Arabia street
Saudi Arabia   A question about monetary policy

Growth in Saudi Arabia's non-oil gross domestic product is expected to slow to 2.8 per cent this year from 3.4 per cent in 2015, Saudi central bank governor Ahmed Al Kholifey told Ekhbariya.

Kholifey was responding to a question about Saudi monetary policy and economic growth given global financial market turmoil caused by Britain's decision to leave the European Union, Reuters reported.

He said the central bank was continuing to monitor key economic indicators, noting that the point-of-sale aggregate, an indicator of consumption, had risen 15 per cent year-on-year in May and that a rebound of oil prices over the past few months had helped to support growth somewhat.

Repeating a central bank statement, Kholifey said Brexit would not have much impact on Saudi financial institutions because of their limited exposure to Britain and their healthy asset quality


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