Our forecast for Saudi Arabia’s economic growth in 2025 has been upgraded to 4.4%, up from the previous estimate of 3.9%. This revision follows OPEC+’s decision to increase supply from Q2 onwards, earlier than both our and market expectations of Q3 2025. However, non-oil activities will remain the primary growth driver this year, supported by diversification efforts, with an expected expansion of 5.8%. We also anticipate government activities to grow by 2%.
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