{"id":88060,"date":"2024-07-23T00:00:00","date_gmt":"2024-07-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/23\/saudi-gdp-growth-to-fall-behind-peers-in-the-gcc-poll-suggests\/"},"modified":"2024-07-23T00:00:00","modified_gmt":"2024-07-23T00:00:00","slug":"saudi-gdp-growth-to-fall-behind-peers-in-the-gcc-poll-suggests","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/23\/saudi-gdp-growth-to-fall-behind-peers-in-the-gcc-poll-suggests\/","title":{"rendered":"Saudi GDP growth to fall behind peers in the GCC, poll suggests"},"content":{"rendered":"

The domestic economy is expected to grow 1.3% in 2024, marking the lowest rate of<\/strong> growth among GCC peers<\/strong> due to extended oil production cuts, according to the latest Reuters poll<\/a> of 24 economists. The economists\u2019 most recent forecasts are a downward revision from the 1.9% they had expected in April<\/a> and the 3.0% they had projected in January<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

This matches up with the IMF\u2019s recent forecasts:<\/strong> The International Monetary Fund (IMF) cut<\/a><\/a>its forecast<\/a> last week for Saudi economic growth to 1.7% this year, down 0.9 percentage points from its earlier forecast of 2.6% in April on the back of ongoing oil output cuts. This was the fund\u2019s largest single downgrade on growth outlook for the major economies the IMF tracks. The Finance Ministry is targeting GDP growth of 4.4% for the current fiscal year, Finance Minister Mohamed Al Jadaan said in December<\/a>.<\/p>\n

IN CONTEXT-<\/strong> The Kingdom voluntarily cut oil production by 1 mn barrels per day to stabilize the global market as per its ongoing agreement with OPEC+ to slash oil production<\/a> by a combined 3.7 mn barrels per day until October of this year. <\/p>\n

What the pundits are saying:<\/strong> \u201cLower oil revenues are impacting non-oil growth. Saudi Arabia is in the process of an overhaul of Vision 2030 and adjusting investment spending \u2026 The impact on real GDP growth is clear \u2014 less investment means a more moderate growth outlook,\u201d Ralf Wiegert, director of MENA economics at S&P Global Market Intelligence, told the newswire. Lower oil revenues for Saudi will likely lead to less investment in non-oil sectors (central to the government's diversification push), impacting overall expansion in 2024, economists said.<\/p>\n

Things are looking more positive next year: <\/strong>The poll showed economists raising their forecasts for Saudi\u2019s economic growth in 2025 to 4.5%, up from their 4.1% forecast in April. \u201cThe reason for that is a change in expected oil production, which we think will be increased earlier than previously projected \u2014 though not back to the level that prevailed until July 2023,\u201d Wiegert said. The IMF sees the economy growing at 4.7% clip in 2025 \u2014 1.3 percentage points below its April forecast.<\/p>\n

How our peers will be faring:<\/strong> The UAE is expected to lead the GCC in economic growth with a 3.7% growth clip this year that will accelerate to 4.2% in 2025 due to an expected headstart in raising oil production and a focus on tourism. Qatar is projected to grow 2.2%, Oman will hit 1.6% growth, and Bahrain is penciled in for 2.6% expansion, while Kuwait is expected to remain in a recession this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi\u2019s GDP growth is set to come in at 4.5% in 2025, up 0.4 percentage points<\/p>\n","protected":false},"author":1,"featured_media":88061,"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":[27,10,381,1804,158],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gcc","tag-gdp-growth","tag-opec","wpautop","entry"],"acf":{"mongo_id":"6e7a9190-2f11-4f61-a970-122be8975b9b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1785.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi\u2019s economic growth to be among slowest in GCC this year, poll shows","related_issue":[88055],"teaser":"Saudi\u2019s GDP growth is set to come in at 4.5% in 2025, up 0.4 percentage points","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.024eb23b-a4a4-420b-892a-6cea23e46436.mp3"},"yoast_head":"\nSaudi GDP growth to fall behind peers in the GCC, poll suggests - 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