The oil-dependent Saudi economy was the fastest-growing G20 economy in 2022, driven by high oil production and prices; however, oil cuts are projected to reduce its economic growth to 2.1% this year.
The production level for July and August would be 1.5 million bpd lower than the 10.5 million bpd the Kingdom pumped for most of 2022 when its economy jumped by nearly 9%, and the budget booked With oil prices failing to rise to $80 per barrel – which is just shy of the estimated price for balancing the Saudi budget – the oil economy will slow down and weigh on the Saudi finances. Non-oil economic growth is expected to remain robust this year.
Last year,"Overall growth reached 8.7 percent, reflecting both strong oil production and a 4.8 percent non-oil GDP growth driven by robust private consumption and non-oil private investment, including giga projects," the IMF said. The OPEC+ cuts announced in April are expected to reduce Saudi economic growth to 2.1% this year, from 3.1% growth the IMF expected in its May economic projections for the Middle East economies. per barrel to balance its budget this year.
In the first quarter of 2023, Saudi Arabia's economy slowed to growth of 3.8% year-over-year, slightly lower than the preliminary estimate of 3.9%, bank Emirates NBD said in a "On a seasonally adjusted basis, real output contracted -1.4% q/q, largely on the back of declining crude oil and natural gas production," the bank noted.
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