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Budget deficit for FY 2023 is better than FinMin had forecast
This is slightly narrower than government projections of SAR 82 bn
OECD sees the global economy growing at a 2.9% clip this year
A more optimistic global growth outlook: OECD has revised upwards its 2024 world growth forecast to 2.9% from November’s 2.7%…
PMI remains in growth territory despite slowest rate of expansion in two years
Purchase prices recorded the sharpest rise since May 2012
Fitch affirms Kingdom’s A+ credit rating, sees private-sector growth at 4.5% in 2024-2025
Fitch also cited “significant fiscal buffers” in deposits and other public sector assets
The economy closed 2023 in contraction, shrinking 3.7% in 4Q
Non-oil activity expanded at 2.6% q-o-q in 4Q 2023
IMF trims the Kingdom’s growth outlook
The IMF expects non-oil growth to “remain robust” despite downward revision for GDP growth
Rebound in the cards
Analysts are expecting the economy to have closed 2023 in recession
Fitch sees rising private borrowing, strong year ahead for non-oil businesses in the Gulf
State-led initiatives + stronger infrastructure for tourism and other priority sectors will help drive non-oil growth
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