Country Economic Forecasts - Saudi Arabia
While preliminary 2019 GDP data earlier this month was mildly encouraging for the Saudi economy, showing 0.3% growth despite sharp oil sector weakness, concerns over the outlook have risen sharply due to the collapse of OPEC+ and the economic woes caused by the spread of the coronavirus. With oil prices now seen averaging just $40pb this year, the budget will come under major pressure. Against this background, and with tightening restrictions on travel and everyday life, we have slashed our 2020 non-oil growth forecast to 0.7% (from 2.8% previously). But overall GDP growth is forecast to rise to 3.8% this year as oil production spikes, before a slowdown to just 1.0% in 2021.
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