Saudi Arabia’s economy grew by 1.4% q/q in Q3 according to this morning flash estimate, which translated into a pick-up in the year-on-year growth rate from 3.9% in Q2 to 5.0% - the fastest pace recorded since Q1 2023. But the improvement largely reflected the Kingdom’s rising oil output and masked further softness in the non-oil economy which is likely to persist against the backdrop of fiscal consolidation.
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