Content type

Saudi Arabia’s Growth Will Rebound In 2024

Country Risk / Saudi Arabia / Wed 31 Jan, 2024

Key View

  • Saudi Arabia's GDP will recover from a contraction of 0.9% in 2023 to positive growth of 2.4% in 2024, with the non-oil economy doing much of the heavy lifting in tandem with a normalisation in oil production.
  • Steady oil production, sluggish demand for Saudi non-oil exports and steady import growth will see net exports remain a
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Saudi Arabia 2024 Consumer Outlook: Easing Inflation And Stable Oil Prices Will Provide Tailwinds For Consumer Spending

Consumer & Retail / Saudi Arabia / Tue 09 Jan, 2024

Key View: We forecast real household spending in Saudi Arabia to normalise in 2024 as spending returns to a more steady growth trajectory. We expect the positive outlook in non-oil activity, through Vision 2030, and expected interest rate cuts in Q224 to support the wider economic recovery and consumer spending in 2024. There are downside risks

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Saudi Arabia Macro Update: Cautiously Bullish In 2024

Country Risk / Saudi Arabia / Wed 13 Dec, 2023

Key View

  • We revised down Saudi Arabia's GDP growth forecast for 2024 from 3.3% to 2.6% due to lower oil production post-OPEC+ production cuts. This will see the non-oil economy be the primary driver of growth despite some softening due to elevated interest rates.
  • The kingdom will register a slight fiscal surplus in 2024, bolstered by
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