GCC quarterly growth update Saudi Arabia: Growth firming in oil and non-oil sectors and likely to continue firming (we expect 2% growth in 2018) as higher oil prices lead to a loosening of fiscal policy and as oil production is set to rise UAE: PMIs point to stronger growth since April, especially in Dubai. We expect growth to strengthen further (1.8% in 2018) as central government rolls out a growth-focused fiscal stimulus package and as Abu Dhabi eats into some of its spare capacity in oil production Qatar: Non-oil growth picked up in Q1 2018 and continued investment, fiscal easing, higher oil prices and positive base effects, after the hit to the economy in 2017 from the blockade, should raise growth to around 2.4% this year PDF report available here: 2018.07.10 – MENA Advisors – GCC growth to accelerate on higher oil prices, fiscal easing and rising oil production After three years of slowing growth, GCC economies are broadly expected to pick up due to both higher oil prices and higher oil production. Saudi Arabia: Growth to pick up to 2.0% in 2018, up from -0.9% in 2017 Recent data reveal some firming momentum in the economy. The release of Q1 2018 headline GDP saw growth rise to 1.2% y/y ending the country’s four quarter recession in 2017. The pick up mainly reflected high oil GDP growth (owing partly to a favourable base year effect) but non-oil GDP remained relatively robust in the quarter as well. Oil GDP growth was up……...
