Saudi Arabia’s flash estimate of Q1 GDP showed that the Kingdom’s economy grew by 0.9% q/q , translating into a year-on-year increase of just 2.7% to kick off the year. But with revisions and rebases to the data, it suggests the Saudi economy is in better shape after the past two years than previously thought. GDP growth is likely to accelerate this year as the Kingdom shifts tack on its oil policy to raise oil output more aggressively, which will more than offset a slowdown in the non-oil sector on the back of tighter fiscal policy.
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