Macroeconomic Update – March 2020: (COVID-19 changes everything, for now)
Macroeconomic ReportWe expect economic growth in Saudi Arabia to improve in 2020 as both the oil and non-oil sectors contribute to overall growth. Latest full year GDP data for 2019 showed that the economy just about managed to record growth at 0.3 percent, but we expect this to improve significantly in the year ahead, to 6.3 percent, primarily as a result of sizable rises in yearly crude oil production.
Macroeconomic Update - Pick-up in non-oil activity
Macroeconomic ReportOur economic forecast for the Kingdom has been revised down wholly on the account of developments related to the oil market. Whilst we previously expected overall growth to hit 2 percent in 2019, a downward revision in oil sector GDP means that we now see growth at around 1.6 percent.
Macroeconomic update – November 2018
Macroeconomic ReportThe fundamentals of Saudi economy remain unaltered and we expect solid growth in the next few years. Accordingly, we still expect the economy to grow by 2.2 percent in 2018 (compared to -0.9 percent in 2017), with an improvement in the oil sector lifting oil GDP to 3.2 percent in 2018.
