Saudi 2012 GDP growth slows to 6.8 pct from 7.1 pct

RIYADH Sat Dec 29, 2012 7:55am EST

RIYADH Dec 29 (Reuters) - Saudi gross domestic product growth slowed to 6.8 percent in real terms in 2012 from 7.1 percent in 2011, the state-run Saudi Press Agency said on Saturday, citing Finance Minister Ibrahim Alassaf.

GDP totalled 2.73 trillion riyals this year, representing nominal growth of 8.6 percent, Alassaf said in a 2013 budget statement to the Saudi cabinet and King Abdullah.

He added that 2012 inflation was 2.9 percent using an updated baseline of 2007 prices, and was 4.5 percent using the old 1999 baseline.

He said public debt was 98 billion riyals or 3.6 percent of GDP.