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Saudi Per Capita Income May Hit SR 116,900

Middle East : 28 May 2012

Source: Arab News

Experts have predicted that Saudi per capita income in the gross domestic product (GDP) will climb to SR 116,900 but, however, warned against growing inflation.

Earlier, the International Monetary Fund (IMF) predicted that Saudi per capita income would rise by 27.6 percent in 2011 to SR 81,200 compared to SR 63,600 in 2010.

Based on the Kingdom’s annual population growth of 2.21 percent, Saudi population will reach 19.8 million and Saudi per capita income will hit SR 116,900 on the current prices and SR 48,800 based on fixed prices, economic expert Fahad Jumaa said.

He voiced concern that inflation will remain a major threat to Saudi income in the current year.

Jumaa said inflation has direct effect on per capita income as shown in the difference between the nominal and real values of per capita income.

Economic analyst Muhammed Al-Salim said Saudi income was enormously affected by inflation in the last few years, which coincided with the loss of a large segment of citizens of their savings in money market setbacks.

He said economic indicators showed that the real income of Saudis has not changed since the 1980’s, a matter that necessitates adoption of solutions through continued government support to subsidize basic commodities, such as food, and create cooperative societies for provision of low-priced items to low-income categories as is the case in some GCC states.

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