Saudi Arabia may have to revise down economic growth estimates as lower crude ou...
DUBAI/RIYADH - Saudi Arabia may have to revise down economic growth estimates as lower crude output and tumbling oil prices take their toll on economic activity, with some economists forecasting a contraction this year in the world’s biggest oil exporter.
“A lot of this weakness is due to the impact of oil production cuts, which will exert a large drag on GDP growth,” said William Jackson, chief emerging markets economist at Capital Economics, which forecast 0.3% growth in 2019. “Any forecast that was made more than a month ago will have to be updated given indicators that we are entering global slowdown,” said an economist in Riyadh, who wished to remain unnamed.
Oil and gas output continues to account for about 43% of real GDP, Moody’s said, so output cuts in the past two years have intensified GDP growth volatility.
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