2023-09-19 16:29:15
Growth will accelerate to 3.1% next year, she said
Dubai – Al Arabiya.net
Published on: September 19, 2023: 02:13 PM GST Last updated: September 19, 2023: 08:29 PM GST
The Organization for Economic Co-operation and Development (OECD) expected today, Tuesday, that Saudi Arabia’s real gross domestic product will achieve growth of 1.9% this year, in line with estimates issued by the International Monetary Fund earlier this month.
The organization said in its report on economic prospects that it expects the growth of the Saudi economy to accelerate to 3.1%.
She added that she expects the annual inflation rate in the Kingdom to remain stable at 2.5% this year and to decline to 2.1% in 2024, quoting the Arab World News Agency.
According to the latest data issued by the Saudi General Authority for Statistics, the Kingdom’s economy grew by 1.2% in the second quarter of 2023 compared to the same period last year, while growth reached 8.7% in 2022.
The Kingdom’s annual inflation rate fell to 2.3% last July, compared to 2.7% in June.
The International Monetary Fund said earlier this month that the prospects for the Saudi economy appear positive in light of expectations that the Kingdom’s non-oil GDP growth momentum will continue to be strong.
In its report on Article Four consultations with Saudi Arabia, the Fund expected that the Kingdom’s real GDP would grow by 1.9% in 2023 and 2.8% in 2024.
The Fund said that Saudi Arabia will be able to support growth thanks to the rise in oil prices in light of continued expectations of strong demand for crude during the remainder of 2023 and the production reduction agreed upon within the OPEC+ alliance.
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