Saudi Arabia GDP (Q3, Flash Estimate)

Saudi Arabia’s economy posted a strong 2.6% q/q expansion in Q3, driven in large part by rising oil output. The subsequent OPEC+ cuts mean that that boost will fade over the coming quarters and we think looser fiscal policy will only be able to cushion the blow. Our forecast for GDP growth of 2.5% in 2023 lies well below the consensus.

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