Saudi Arabia financial system grew 3.8% in Q1 boosted by non-oil actions

The statistics authority had estimated progress of three.9 per cent within the first quarter when it launched flash estimates in Might.

The Saudi financial system grew 8.7 per cent final 12 months, as excessive oil costs boosted income and led to the dominion’s first finances surplus in virtually 10 years.

Nonetheless, oil costs stay muted this 12 months amid an unsure demand outlook, regardless of strikes by the dominion which is the world’s prime oil exporter to make voluntary manufacturing cuts, the most recent of which was introduced on Sunday.

On Wednesday, the Worldwide Financial Fund (IMF) mentioned it expects progress in Saudi Arabia to gradual to 2.1 per cent in 2023, decrease than its Might forecast, on the again of OPEC+ manufacturing cuts introduced in April.

In its newest Article IV mission concluding assertion, the IMF mentioned that whereas April’s cuts would cut back general progress to 2.1 per cent, non-oil progress is predicted to stay sturdy.

Crude petroleum and pure gasoline contributed 32.7 per cent of Saudi Arabia’s gross home product final 12 months, with petroleum refining making up one other 6 per cent.