Oil attacks to hit #Saudi growth, but damage may be partially offset: World Bank - Reuters

Oil attacks to hit Saudi growth, but damage may be partially offset: World Bank - Reuters:

The attacks on Saudi Arabia’s oil facilities last month are expected to impact economic growth this year, the World Bank said in a report, adding that the decline could be partially offset by a boost in government spending in the non-oil sector.

Saudi Arabia’s gross domestic product (GDP) growth this year is forecast at 0.8%, down from an earlier World Bank estimate of 1.7% in April, pressured by oil production cuts and a worsening global outlook, according to the report.

The World Bank’s estimate is well below Saudi Arabia’s own expectations of around 1.9% GDP growth this year.