Saudi Arabia’s 2024 Growth Rebound Masks Slowdown In Non-Oil Economy
Country Risk / Saudi Arabia / Wed 01 May, 2024
Key View
- We have lowered our forecast for Saudi Arabia's 2024 GDP growth from 2.4% to 2.1% due to a sharper than expected slowdown in the non-oil economy, as seen in Q1 2024.
- Oil production will normalise in 2024, putting headline growth in positive territory in the second half of the year, after a significant contraction in 2023 due to OPEC+