Saudi GDP to grow 0.3% in 2019 due to lower oil output - Moody's | ZAWYA MENA Edition:
Despite Saudi Arabia's assurances that the oil production disrupted by recent drone attacks will be fully restored in weeks, rating agency Moody's has cut its forecast for the kingdom’s economic growth in 2019, not so much due to the disruptions in production than lower oil output stemming from the kingdom's overcompliance with its OPEC quota.
Moody's has cut the 2019 growth forecast for world’s biggest oil exporter to 0.3 percent from its previous projection of 1.5 percent.
"We have revised down our growth forecast for Saudi Arabia," said Alexander Perjessy, senior analyst at the ratings agency.
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