São Paulo – In 2016, Saudi Arabia should see growth slow to the lowest levels since 2009. According to the report Saudi Arabia’s 2016 Budget, released this Wednesday (30) by the Jeddah-based National Commercial Bank, the country’s Gross Domestic Product (GDP) will increase 2.3% next year, primarily due to falling oil prices.
The report states that the non-oil sector will grow 3.5% – not enough to offset plummeting revenues from oil exports, which account for 80% of total Saudi exports. The bank expects the oil barrel price to remain between USD 40 and USD 80 between 2016 and 2020.
*Translated by Gabriel Pomerancblum
