Saudi economic growth to gather pace in 2019: report

Saudi Arabia’s GDP is expected to accelerate to 2.4 percent next year, up from 1.8 percent projected in 2018, according to a report by Spain-based FocusEconomics.

“Economic growth will likely rebound this year, mainly due to a combination of higher oil prices and stronger production,” the September 2018 edition of Consensus Forecast - Middle East & North Africa, noted.

The Saudi oil industry has ramped up production to pump more than 10 million barrels per day since May, filling the gap left by other key producers in recent months, it added.

FocusEconomics Consensus Forecast panelists see fixed investment rising 0.8 percent in 2018, and 4.8 percent in 2019, while inflation is expected to ease to an average 2.2 percent in 2019 from its projected average of 3.1 percent in 2018.