Saudi Gazette - KSA economic slowdown ‘has bottomed out in Q2’:
"Saudi Arabia’s economic slowdown may have bottomed out in the second quarter after it slowed sharply in the first quarter this year with oil sector being the main drag on growth, Capital Economics said in a report Tuesday.
“Our Saudi GDP tracker, which is based on hard monthly data, suggests that growth bottomed out, and may even have turned the corner, over the first two months of Q2. In particular, the contraction in oil production seems to have eased a little compared to Q1,” the report said.
Saudi Arabia’s real GDP is projected to expand by around 4.2 percent this year with growth fuelled by the non-hydrocarbon sector. The Kingdom’s oil production is also expected to fall to 9.6 million barrels per day (bpd) after reaching its highest annual average of around 9.8 million bpd in 2012."
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