{"id":95430,"date":"2025-03-19T00:00:00","date_gmt":"2025-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/19\/gcc-growth-to-reach-4-in-2025-resilient-to-global-trade-woes-oxford-economics\/"},"modified":"2025-03-19T00:00:00","modified_gmt":"2025-03-19T00:00:00","slug":"gcc-growth-to-reach-4-in-2025-resilient-to-global-trade-woes-oxford-economics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/19\/gcc-growth-to-reach-4-in-2025-resilient-to-global-trade-woes-oxford-economics\/","title":{"rendered":"GCC growth to reach 4% in 2025, resilient to global trade woes -Oxford Economics"},"content":{"rendered":"

Growth in the GCC is expected to withstand recent upheaval in global trade:<\/strong> The overall GCC economy is set to grow by 4.0% in 2025, up from an estimated 1.8% in 2024, despite rising global protectionism, geopolitical tensions, and an uncertain global economic outlook, according to the latest ICAEW Economic Insight report<\/a> prepared by Oxford Economics.<\/p>\n

The Kingdom will play a big role in GCC growth:<\/strong> Oil sector growth in the GCC is expected to reach 3.2% after two years of contraction, according to Oxford Economics. Saudi Arabia\u2019s oil output is expected to reach 9.3 mn barrels per day during 2025 \u2014 up from its previous estimate of 9.1 mn barrels \u2014 driving an oil sector growth of 1.9%. Meanwhile, Saudi Arabia and the UAE are expected to lead non-oil sector growth in the region with 5.8% and 4.8% respectively. <\/p>\n

As for our budget deficit,<\/strong> Oxford Economics sees the deficit coming in at 3.0% of GDP this year, driven by the government\u2019s pursuit of \u201cstrategic investments.\u201d This is less than forecasts from Fitch Ratings, which sees the budget widening to 3.8% of GDP, while Capital Economics predicts the deficit to widen to 4.0%. <\/p>\n

Gov\u2019t projections tell a different story:<\/strong> The government expects the budget shortfall to come in at 2.3% of GDP (SAR 101 bn) in the current fiscal year, and to \u201ccontinue at similar levels over the medium term,\u201d it said in its budget for FY 2025. <\/p>\n

Tourism is going to be specifically prevalent in the Kingdom:<\/strong> \u201cThe tourism industry \u2013 the fastest-growing sector across the region in 2024 \u2013 will remain a vital engine for growth and diversification efforts,\u201d the report said, adding that Saudi Arabia is expected to see growth in the sector over the next two years supported by \u201can expanded visa offering including the GCC-wide visa.\u201d<\/p>\n

ICYMI-<\/strong> Fitch Solutions\u2019 research unit BMI sees<\/a> MENA countries (and GCC countries in particular) being safe from direct tariffs from the Trump administration due to \u201ceconomic and strategic considerations.\u201d IBM argues that Saudi Arabia and the UAE\u2019s investments in the US \u2014 specifically in AI \u2014 along with close relations with US President Donald Trump would make tariffs on both countries \u201ccounterproductive,\u201d especially as Trump looks to \u201cexpand the Abraham Accords and reduce China's influence in the Middle East,\u201d the report reads.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia and the UAE are expected to lead non-oil sector growth in the region<\/p>\n","protected":false},"author":1,"featured_media":95431,"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":[27,10,381,2687,4112,689],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gcc","tag-oil","tag-oxford","tag-uae","wpautop","entry"],"acf":{"mongo_id":"4e61fa62-19ba-41d3-aa24-f2c2b2069bf6","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/1542.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GCC growth to reach 4% in 2025, resilient to global trade woes -Oxford Economics","related_issue":[95425],"teaser":"Saudi Arabia and the UAE are expected to lead non-oil sector growth in the region","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.e93f6ae0-6c1f-4eb4-8ac3-6a95248b246e.mp3"},"yoast_head":"\nGCC growth to reach 4% in 2025, resilient to global trade woes -Oxford Economics - 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