Macro - Country Economic Forecasts - Saudi Arabia

Macro - Country Economic Forecasts - Saudi Arabia

According to the revised estimates by the General Authority for Statistics, the non-oil sector remains the main driver of growth in Saudi Arabia, expanding by a solid 3.4% y/y in Q1 2024, which was higher than the initial estimate of 2.8% y/y growth. We expect this trend to continue and project the non-oil sector will expand by 5% y/y this year. Meanwhile, we believe the oil sector will contract by 5% y/y due to the recent extension of oil production cuts. Overall, we forecast real GDP growth of 1.5% y/y in 2024, rebounding to 5.3% y/y in 2025 as production cuts are reversed.

Saudi Arabia: the Non-oil sector is driving Economic growth
Forecast overview
Recent developments
Short-term outlook
Key drivers of our Short-term Forecast
Economic risk
Economic risk evaluation
risk warnings
What to watch out for
Exposure to Key global risks
Economic development
Structure of the economy
Economic Policy

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