Saudi GDP growth projected to see an uptick this year, backed by non-oil sector: central bank

  • Feb 22, 2020
  • WHBL

RIYADH (Reuters) - Saudi Arabia's economic growth is projected to see an uptick this year, backed by the non-oil economy, the country's central bank governor said on Saturday.

Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey, also told an economic conference in Riyadh that it was too early to get the full picture of the economic damage caused by the new coronavirus, which has emerged in China and spread globally.

The International Monetary Fund in January said it expects Saudi Arabia's economy will expand at 1.9% this year, up from an estimated 0.4% in 2019, however the forecast for the kingdom’s 2020 forecast was cut from 2.2% due to lower oil output.

(Reporting by Marwa Rashad and Davide Barbuscia; Writing by Saeed Azhar)