Macro - Country Economic Forecasts - Saudi Arabia
The Saudi Arabian economy contracted for a fourth quarter in a row in Q2, as ongoing oil production cuts weighed on growth. The Q2 flash estimate suggests that GDP declined by 0.4% y/y, following a 1.7% contraction in Q1. Oil activities fell for a fifth consecutive quarter, by 8.5%. But remaining robust, non-oil activities grew by 4.4% and government activities rose by 3.6%. This is in line with our expectations, so we've kept our 2024 GDP forecast at 1.5%, driven by strong non-oil activity.
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