Macro - Country Economic Forecasts - Saudi Arabia
We forecast Saudi Arabia's GDP will expand by 1.4% in 2024, driven by 5% growth in the non-oil sector. Revised Q2 figures showed GDP shrank by 0.3% y/y, a slightly smaller decline than reported initially. Oil activities fell by 8.9% y/y, more than the 8.5% decline estimated before. However, the deeper drag in the oil sector was offset by a stronger expansion in non-oil activities, which grew by 4.9% versus the previous projection of 4.4%.
- Saudi Arabia: S&P has upgraded the Kingdom's outlook to positive
- Forecast overview
- Recent developments
- Short-term outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Risk warnings
- What to watch out for
- Exposure to key global risks
- Background
- Economic development
- Structure of the economy
- Politics
- Economic policy
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