{"id":82405,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/29\/saudi-economy-to-rebound-in-2024-riyad-capital\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"saudi-economy-to-rebound-in-2024-riyad-capital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/29\/saudi-economy-to-rebound-in-2024-riyad-capital\/","title":{"rendered":"Saudi economy to rebound in 2024 -Riyad Capital"},"content":{"rendered":"

The kingdom\u2019s economy is expected return to growth in 2024<\/strong>, with GDP growth accelerating to 4.1%, according to a report (pdf) by Riyad Capital<\/a> out yesterday. It sees bustling non-oil activity offsetting the impact of the kingdom\u2019s voluntary oil production cuts.<\/p>\n

But, but, but\u2026 The non-oil private sector continues its red-hot growth streak<\/strong>, remaining fully in the black.<\/p>\n

What\u2019s on Riyad Capital\u2019s mind: <\/strong>The kingdom\u2019s economy grew at a 4.5% clip in Q3 2023 based on flash estimates after advancing just 1.2% y-o-y in Q2, the report said, expecting GDP growth to consolidate this year. It sees non-oil activities to continue accelerating next year \u2014 and notes that non-oil economic activity grew a healthy 3.9% in the quarter ending September 2023. <\/strong><\/p>\n

The non-oil economy will be the primary driver of economic growth in 2024<\/strong>, helping the total economy expand by as much as 3.6% next year. That\u2019s clutch given the prospect of further oil production cuts coming as soon as tomorrow.<\/p>\n

And that squares nicely with what businesses are reporting:<\/strong> The Riyad Bank Saudi purchasing managers\u2019 index (PMI) rose for the second consecutive month<\/a> to 58.4 in October, up from 57.2 in September on the back of new business orders, leading to a nine-year high in employment growth. It was the highest reading since June of this year. <\/p>\n

REMEMBER- <\/strong>The economy as a whole is set to shrink for the first time on an annual basis since covid, dragged down by lower oil output. GDP looks on track to contract 0.5% y-o-y this calendar year compared to 8.7% growth in 2022, according to a report (pdf) by the World Bank<\/a> earlier this month. The forecasts come on the back of voluntary oil cuts of 1 mn bpd from July until the end of the year.<\/p>\n

Q3 saw the steepest decline: <\/strong>The third quarter saw the sharpest contraction since 2020 as the economy contracted 4.5% y-o-y, down from 8.6% growth in the previous year on the back of a 17.3% decline in oil activities, according to recent figures from the General Authority for Statistics (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

It expects non-oil activities to continue accelerating next year with oil activities gradually recovering<\/p>\n","protected":false},"author":1,"featured_media":82406,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,335,158],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp","tag-opec","wpautop","entry"],"acf":{"mongo_id":"76ccb3d9-0d3e-45d1-8896-268a909d8001","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1620.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi economy seen rebounding next year, shrugging off oil cuts impact","related_issue":[82402],"teaser":"It expects non-oil activities to continue accelerating next year with oil activities gradually recovering","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.9a12b4b2-49df-417e-bc1b-879da7840b04.mp3"},"yoast_head":"\nSaudi economy to rebound in 2024 -Riyad Capital - 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