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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I listened to 65 days worth of music last year - I have a Spotify addiction'While I could very much live without Spotify, I honestly do think my life is made just that bit better by having it as my constant companion.' I ✍️ Jess Austin
Read more »
Extreme heat killed more than 60,000 people in Europe in 2022, research finds'It just goes to show how dangerous heat still is.' Sky's hannahtpsky discusses a study which says more than 61,000 people died in Europe last summer as a result of extreme heat. Read more: 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
Read more »
Heatwaves in summer 2022 killed 61,000 people in Europe, pandemic-style research claimsA series of heatwaves last summer resulted in over 60,000 deaths across Europe, new research has said.
Read more »
Heatwaves in summer 2022 killed 61,000 people in Europe, new study findsA series of heatwaves last summer resulted in over 60,000 deaths across Europe, new research has said.
Read more »
Starlink satellites leak astronomy-disturbing EM radiationStarlink satellites leaking astronomy-disturbing EM radiation, say boffins
Read more »
'Ronaldo doesn't want me' - Ex-Chelsea star reveals why Saudi transfer may not happenJuan Cuadrado has joked he won’t move to Saudi Arabia due to Cristiano Ronaldo. After a total of eight seasons at the club, the versatile right-sided star recently left Juventus after failing…
Read more »