Saudi Economic Growth to Slow on Lower Oil Output, Samba Says

Saudi Arabia’s economic growth rate will slow over the next three years to an annual average of 3.3 percent as the kingdom’s oil production declines, Samba Financial Group said.

“The main reason for this slowdown is to be found in the oil sector,” the Riyadh-based bank said in an e-mailed report late yesterday. “The fundamentals are likely to soften in 2013 as additional supply from Iraq and North America has more impact.”