Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
Oil, along with most risk assets, has been buffeted by the turmoil in the US and European banking sectors following the collapse or bailout of a clutch of US banks and the forced takeover of Credit Suisse. Having traded in an $80-90 pb range since the beginning of the year, Brent dropped to $72 pb in late March as the crisis erupted.
Driven by sustained impulses from both investment and consumption, we expect Saudi Arabia’s non-oil economy to continue growing well in excess of 5 percent in 2023. Overall GDP growth is set to slow to 2.8 percent from last year’s world-leading 8.7 percent as oil production is reined in.