Saudi GDP fell 3.3% y/y in Q1 according to flash estimates, slightly weaker than we had expected. The decline was driven by oil output cuts, while non-oil activity expanded by 3.3%, recovering pandemic losses. Amid growing
optimism about the recovery, this will lead to an upward revision to our 2021
non-oil GDP forecast from the current 2.4%.
What you will learn from this report: