Macroeconomic update- June 2017: (Mild improvements in the Saudi economy, but risks remain)

We have revised our 2017 forecasts to take into account the recent set of oil production and economic data. We forecast overall GDP growth to be 0.1 percent in 2017 (compared to 1.4 percent in 2016) due to a sharp decline in oil sector GDP, by -1.2 percent (compared to 3.4 percent in 2016). More positively, we forecast non-oil GDP to reach 1 percent during the same period (compared to 0.2 percent in 2016).