Saudi Arabia’s economy is expected to have grown by around 5.7 percent in this year's third quarter thanks to a more robust hydrocarbon sector output, Capital Economics said in a report.
The London-based firm added that the expected expansion would leave GDP approximately 1 percent above its pre-pandemic level.
The flash estimates for Saudi Q3 GDP will be published next week by the country's official statistics agency, but growth was only 0.7 percent in the previous quarter.
In September, oil production grew to 9.7 million barrels per day (bpd), the highest level since April 2020. This corresponded to a yearly increase of 12.1 percent for oil output.
As for the research company's outlook, it indicated that increases in oil production, along with an easing of Covid restrictions and a loosened fiscal policy, will only boost recovery further.
Currently, Capital Economics forecasts GDP growth to be 2.5 percent this year and 7.3 percent in the next year. Its projections lie above the consensus.
