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FinancialNews


  • 03-02-19

    Saudi non-hydrocarbon to rise 0.6-0.9 percent in 2019

    (MENAFN) Saudi Arabia is expected to see a boost in its non-hydrocarbon real GDP this year between 0.6-0.9 percent due to the fiscal impulse of the Kingdom.

    According to a Bank of America Merrill Lynch (BofAML) report, the Saudi non-oil private sector is forecast to see growth starting with more expenditure.

    BofAML stated that "2019 budgeted revenue numbers are consistent on our estimates with an internally budgeted oil price assumption of around $80 a barrel and oil production at 10.2 million barrels per day (mbd)."

    It added: "the budget itself would break even at around $93 barrel. We estimate the government's medium-term framework is now budgeting for oil prices to average around $83 barrel over 2020-23, and increase to around $86 barrel in 2023."

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