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Wednesday, 5 October 2016

Saudi economic growth outlook faces further downward pressure | GulfNews.com

Saudi economic growth outlook faces further downward pressure | GulfNews.com:

"After reporting a better than expected GDP growth in the second quarter of this year, Saudi Arabia’s economic growth is expected to slip into negative territory this year, according to economists and analysts.
“Saudi second quarter GDP growth was better than expected, but a headline contraction is only a matter of time,” said Jaap Meijer, Managing Director of Research, Arqaam Capital.
The kingdom reported a stronger than expected 1.4 per cent real GDP growth in the second quarter of this year, down from 1.5 per cent in the first quarter. Non-oil GDP grew 0.4 per cent compared to -0.7 per cent in the first quarter of this year as the government sector contributed surprisingly to growth, while the private sector remained barely positive at 0.07 per cent.
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