Saudi Growth Outlook Expected To Slow 2.1% On Oil Output Cuts

Saudi Arabia’s growth is expected to slow to 2.1% this year due to production cuts, according to the International Monetary Fund (IMF), though the Kingdom’s current account surprise is at a decade-high and inflation has been contained. The IMF’s new growth projection for Saudi Arabia this year is lower than its May forecast of 3.1% growth, and comes after Riyadh surprised the markets with another 1 million barrel-per-day voluntary oil output cut on June 4. “Non-oil growth momentum is expected to remain strong,” the…