Saudi Arabia’s economy to grow by 2.3% in 2024, IIF says

Saudi Arabia’s economy is expected to grow by 2.3% in 2024 with support from the non-oil sector, according to the Institute of International Finance (IIF) report.

The Institute of International Finance said that his estimates were based on the assumption that the Kingdom would extend its policy of cutting voluntary oil production by 1 million barrels per day until the end of March 2024, according to an agreement by the OPEC+ alliance last November 30.

In compliance with the agreement, Saudi Arabia’s average output will fall from 9.7 million barrels per day in 2023 to 9.4 million barrels per day in 2024.

The Institute of International Finance projections come below the Ministry of Finance’s estimates. According to Budget 2024, Saudi Arabia’s economy is expected to grow by 4.4% next year, up from the 0.03% expected in 2023.

On October 10, the IMF raised its forecast for Saudi economic growth to 4% in 2024, compared with its previous forecast of 2.8%.

The IMF also estimated that the Saudi economy grew by 0.8% in 2023, compared with its July forecast of 1.9%.