Macroeconomic update- November 2016: (Reform of the Saudi economy begins to take shape)

Since the start of 2016, and in line with targets specified in the National Transformation Program (NTP 2020), prudent policies to reform the fiscal budget have been taken, with their impact on economic performance starting to take shape. We have therefore revised some of our 2016 and 2017 forecasts to take into account this recent set of reforms.