Analysis by Region - MENA - Saudi Arabia

Analysis by Region - MENA - Saudi Arabia

We expect the Saudi Arabian economy to grow by 1.1% this year, down from last month's forecast due to the additional cut to oil production. Driven mostly by a 5.4% y/y rise in non-oil activities last year, growth expanded by 3.9% y/y in Q1 2023. Oil activities were also 1.4% y/y higher in Q1, while government activities were much stronger than in the past few quarters at 4.9% y/y.