{"id":91772,"date":"2024-11-21T00:00:00","date_gmt":"2024-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/moodys-sees-saudi-economy-growing-at-1-7-this-year-and-4-7-in-2025\/"},"modified":"2024-11-21T00:00:00","modified_gmt":"2024-11-21T00:00:00","slug":"moodys-sees-saudi-economy-growing-at-1-7-this-year-and-4-7-in-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/moodys-sees-saudi-economy-growing-at-1-7-this-year-and-4-7-in-2025\/","title":{"rendered":"Moody\u2019s sees Saudi economy growing at 1.7% this year and 4.7% in 2025"},"content":{"rendered":"

The Kingdom\u2019s economy is expected to grow by 1.7% this year before <\/strong>accelerating<\/strong> to 4.7% in 2025 and 2026<\/strong> on the back of government-led diversification efforts, Arab News<\/a> reports, citing a report by credit rating agency Moody's.<\/p>\n

Moody\u2019s growth estimates for this year are slightly more optimistic than most: <\/strong>Growth projections for 2024 have trended down all year, with the Finance Ministry recently downgrading its 2024 forecast to a 0.8% growth clip<\/a>, down from the 4.4% the government had penciled in<\/a> last December. The World Bank most recently put its 2024 growth projections at 1.6% in October (pdf)<\/a>, marking a downward revision from initial projections of 4.1% and 2.5%<\/a>. Meanwhile, the IMF cut back an earlier 4% estimate to 2.7% in January<\/a>, before slashing it again to 2.6% in April<\/a>, 1.7% in July<\/a>, and finally 1.5% in October<\/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

But 2025 expectations are looking aligned:<\/strong> The Finance Ministry sees Saudi\u2019s GDP growing at 4.6% in 2025, while the World Bank and the IMF have pegged next year\u2019s growth at 4.9% and 4.6%. Analysts are broadly in agreement that a resumption of oil flows due to the phasing out Opec+ production cuts<\/a> as well as considerable investments in the non-oil economy will drive faster growth next year. <\/p>\n

REMEMBER: <\/strong>The Kingdom\u2019s real GDP grew 2.8% y-o-y in 3Q 2024, breaking a four-quarter slump, according to recent flash estimates<\/a> by the General Authority of Statistics (Gastat). The rebound came on the back of a 4.2% increase in non-oil activities and a 3.1% increase in government activity. Final figures are slated for release on Sunday, 8 December.<\/p>\n

Moody\u2019s sees inflation inching up before stabilizing: <\/strong>Saudi Arabia\u2019s inflation rate is forecasted to settle at 1.6% this year, before accelerating to 1.9% in 2025 and 2% in 2026, Moody\u2019s said.<\/p>\n

IN CONTEXT- <\/strong>Inflation held steady at 1.6%<\/a> for three consecutive months from March through to May, before falling to 1.5% in June and July, and returning to 1.6% in August<\/a>. Inflation later peaked in October at 1.9% y-o-y<\/a>, largely on the back of rising home rentals. <\/p>\n","protected":false},"excerpt":{"rendered":"

Government-backed diversification initiatives are expected to be the main driver for growth next year<\/p>\n","protected":false},"author":1,"featured_media":91773,"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":[27,10,335,21,586],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp","tag-inflation","tag-moodys","wpautop","entry"],"acf":{"mongo_id":"038df3fe-2c8b-4dfc-bb21-0d9ae19d136b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2020.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi economy to grow at 1.7% this year before picking up to 4.7% growth in 2025, Moody\u2019s","related_issue":[91767],"teaser":"Government-backed diversification initiatives are expected to be the main driver for growth next year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.ae7ff6c2-fb23-4812-9497-b5041042662b.mp3"},"yoast_head":"\nMoody\u2019s sees Saudi economy growing at 1.7% this year and 4.7% in 2025 - 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