The Worst May Be Over for the Saudi Economy - Bloomberg

The Worst May Be Over for the Saudi Economy - Bloomberg:

Saudi Arabia’s economy is starting to emerge from the worst slowdown since the global financial crisis, if only due to rebounding oil prices and higher public spending. Gross domestic product grew 1.2 percent in the first three months of 2018 compared with a year ago, the first expansion in five quarters, according to data released on Sunday. The non-oil economy grew 1.6 percent from 1.3 percent in the previous quarter, and analysts said the recovery will gain momentum later in the year as the impact of a government stimulus package filters through. “The budget was very expansionary,” Mohamad Al Hajj, a Dubai-based equities strategist at investment bank EFG-Hermes, told Bloomberg TV on Monday, listing steps that included cash transfers and handouts to offset the impact of subsidy cuts. “You’re seeing the results of all of that translating into stronger growth numbers.”