We forecast Saudi Arabia's GDP will expand by 1.4% in 2024, driven by 5% growth in the non-oil sector. Revised Q2 figures showed GDP shrank by 0.3% y/y, a slightly smaller decline than reported initially. Oil activities fell by 8.9% y/y, more than the 8.5% decline estimated before. However, the deeper drag in the oil sector was offset by a stronger expansion in non-oil activities, which grew by 4.9% versus the previous projection of 4.4%.
Saudi Arabia: S&P has upgraded the Kingdom's outlook to positive