Macroeconomic update - July 2026: (Activity levels improve as economy adapts)
Macroeconomic ReportThe US-Iran conflict is weighing on both oil and non-oil GDP in 2026, but the economy is showing a degree of resilience and growth will rebound in 2027.
The Saudi Economy in 2026
Macroeconomic ReportWe forecast 4.5% real GDP growth in 2026, with higher oil and gas output and non-oil growth that is normalizing from elevated rates but still compares well to Emerging Markets.
Macroeconomic update - November 2025: (Robust growth continues amid lower oil prices)
Macroeconomic ReportOil GDP growth has been strong in 2025 and will be strong again in 2026 with annual average crude output gaining in both years.
Macroeconomic update - July 2025: (Economy performs well amid global headwinds)
Macroeconomic ReportThe Saudi economy continued to grow robustly in the first half of 2025, despite external challenges from global trading uncertainty, lower oil prices and interest rates that remain high.
The Saudi Economy in 2025
Macroeconomic ReportSaudi Arabia’s non-oil economy continues to expand at a brisk pace. We forecast real non-oil GDP growth of 4.4 percent in 2025, firming from a preliminary 4.3 percent in 2024. Growth will be driven by both consumption and investment, with net exports a drag.
