{"id":87064,"date":"2024-06-11T00:00:00","date_gmt":"2024-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/11\/commentary-on-saudi-gdp-growth-leads-the-conversation\/"},"modified":"2024-06-11T00:00:00","modified_gmt":"2024-06-11T00:00:00","slug":"commentary-on-saudi-gdp-growth-leads-the-conversation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/11\/commentary-on-saudi-gdp-growth-leads-the-conversation\/","title":{"rendered":"Commentary on Saudi GDP growth leads the conversation"},"content":{"rendered":"

It\u2019s a slow morning for the Kingdom in the foreign press <\/strong>with pundits weighing in on how a drop in oil activity is straining the Kingdom\u2019s economic growth amid waning demand from Chinese and US clients coupled with globally high interest rates. \u201cContraction in GDP is really a story of oil sector restraint where Saudi Arabia is committed to voluntary cuts, getting the rest of Opec+ to do so\u2026,\u201d Ziemba Insights\u2019 founder Rachel Ziemba told CNBC (watch, runtime: 3:52<\/a>)<\/p>\n

IN CONTEXT-<\/strong> Ziemba\u2019s commentary comes as state statistics agency Gastast released its quarterly report on domestic economic performance which saw the economy contracting at a slightly slower pace<\/a> in 1Q 2024 than initially reported on the back of a decline in oil activity.<\/p>\n

We could be seeing more sovereign sukuk, gov\u2019t asset sales and a shift towards local <\/strong>spending: <\/strong>\u201cThere is this real question about whether demand globally is going to pick up and if it doesn't for oil \u2014 the kingdom\u2019s greatest revenue source \u2014 then we\u2019ll continue to see some asset sales and debt issuances as they try to continue the stimulus, and direct investments\u2026 The Kingdom is going to be more and more focused on investing at home and not so much investing abroad,\u201d Ziemba said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pundits see GDP contraction as being indicative of \u201coil sector restraint\u201d<\/p>\n","protected":false},"author":1,"featured_media":87065,"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":[2561],"tags":[335,2663,229],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saudi-in-the-news","tag-gdp","tag-general-authority-for-statistics","tag-saudi-in-the-news","wpautop","entry"],"acf":{"mongo_id":"f1382f40-7b4b-4823-899f-e58f162e6d61","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/56.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Commentary on Saudi GDP growth leads the conversation","related_issue":[87047],"teaser":"Pundits see GDP contraction as being indicative of \u201coil sector restraint\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8ab5d6ac-2037-48b6-997f-b0452f2b4085.mp3"},"yoast_head":"\nCommentary on Saudi GDP growth leads the conversation - 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