The National Bank of Kuwait (NBK) economic update report today foresees zero growth in Saudi Arabia’s nominal GDP in 2014 on lower oil prices and exports.
Real GDP, however, is forecast to grow by more than 3 per cent in 2014 and 2015.
The consumer price index (CPI) is forecast to rise by 3 per cent in 2014 and by 4 per cent in 2015 compared with 3.5 per cent in 2012.
The kingdom’s budget surplus will be 5 per cent of GDP in 2014 and 2015, NBK forecasts.
NBK macroeconomic forecasts for Saudi Arabia
2012 2013 2014f 2015f
Nominal GDP ($bn) 711 745 745 783
Real GDP % y/y 5.8 3.8 3.3 3.7
Budget balance % GDP 14.0 6.5 5.0 5.0
Source: National sources, NBK