Saudi Heat Map Shows Economy Is Starting to Look Stronger

(Bloomberg) -- Saudi Arabia’s non-oil growth has been anemic since 2016, expanding by less than 2.5%, but the latest data show the economy is on track to break through this threshold as the fiscal stimulus could finally show up in the growth numbers. Bloomberg Economics’ heat map shows non-oil growth improving in the second quarter, probably to levels last seen almost four years ago, before lower oil prices really hit economic activity. We expect non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption.

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