Macroeconomic Update – August 2020: (Is the worst behind us?)
Macroeconomic ReportThe only change to our economic forecast for Saudi Arabia relates to the oil sector. Ongoing efforts by OPEC and partners (OPEC+) to stabilize oil markets have seen monumental efforts in oil diplomacy resulting in frequent adjustments in output targets, roll-overs, voluntary reductions and ‘catch ups for members of the oil producing alliance in the last few months.
Macroeconomic Update – November 2019: (Consistent growth in non-oil activity)
Macroeconomic Reportn light of recent economic data, our revised forecast points to a modest level of growth in the Kingdom in 2019. Further downward revision in oil sector GDP means that we now see overall growth at 0.2 percent, versus 1.6 percent previously.
Macroeconomic Update – March 2020: (COVID-19 changes everything, for now)
Macroeconomic ReportWe expect economic growth in Saudi Arabia to improve in 2020 as both the oil and non-oil sectors contribute to overall growth. Latest full year GDP data for 2019 showed that the economy just about managed to record growth at 0.3 percent, but we expect this to improve significantly in the year ahead, to 6.3 percent, primarily as a result of sizable rises in yearly crude oil production.
