Fiscal stimulus to accelerate Saudi’s growth in 2019: FocusEconomics

Saudi Arabia’s growth is expected to accelerate next year, given strong fiscal stimulus and diversification efforts to support the non-oil economy, FocusEconomics said in its latest Consensus Forecast - Middle East & North Africa.

Noting that the Kingdom’s economy performed well in Q3, thanks to a significant rise in oil production and higher oil prices, the report mentioned external risks that include further oil price falls due to a global oil supply glut.

“Greater trade protectionism and a synchronized slowdown in global growth could also reduce demand for oil, leading to a further fall in prices,” the report added.

FocusEconomics Consensus Forecast panelists expect oil production in Saudi Arabia to average 10.56 million barrels per day in 2019.