Saudi non-oil growth likely to hit 2.7% this year | ZAWYA MENA Edition

Saudi non-oil growth likely to hit 2.7% this year | ZAWYA MENA Edition:

"Saudi Arabia's non-oil growth is expected to average 2.7 per cent this year, better than the growth seen in the last two years, according to a Bloomberg economist. The kingdom's non-oil growth increased 1 per cent in January, a slowdown from the estimated 2.6 per cent registered at the end of last year, according to Bloomberg Economics monthly series of Saudi GDP. Ziad Daoud, chief Middle East economist, Bloomberg Economics, said: “Sluggish private consumption, due to cuts to fuel and electricity subsidies, the introduction of VAT and rising inflation, is likely the main culprit behind the slowdown of non-oil activity in January."



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