Buoyant oil sector supports strong growth in Saudi Arabia

Our GDP Tracker suggests that Saudi Arabia’s economy continued to grow by over 5% y/y at the end of Q2, supported by strong growth in the oil sector. However, with Iranian oil set to return to the market,the boost to consumer spending from the “accession bonus” fading and fiscal policy set to become less supportive, we expect growth to slow over the next 12-18 months.

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