Malik said ADCB was cutting its Saudi GDP growth forecast for the whole of this year to a drop of 0.1%, from a previous prediction of 0.5% growth. But the non-oil sector shrank 0.7%, its worst performance in at least five years. In a report released late last month, London-based Capital Economics said it was expecting growth of between zero and 0.5% this year. It was the slowest growth since 0.3% in the first quarter of 2013. The oil sector expanded 5.1% in the first quarter of this year as the world’s biggest oil exporter increased its production of crude and exported more refined products.

Source: Mint July 03, 2016 15:45 UTC