Jadwa Investment improved its forecast for non-oil GDP in Saudi Arabia for 2020, as the decline was less severe than expected in the second quarter, and a stronger recovery occurred in the third quarter From the current year.
According to Arabiya Net, Jadwa Investment expects in a report that non-oil GDP will decline by 2.7% in 2020, compared to its previous estimate of 3%.
and while it maintained its forecast for oil GDP, down by 4.8% during 2020, Jadwa Investment revised its forecast for total GDP, down 3.6%, with a marginal improvement compared to its previous estimates At 3.7%.
and stated that, looking at 2021, although there is still a great degree of uncertainty due to the outbreak of the Covid-19 virus, and its potential impact on the non-oil economy, we expect It recovered on a larger scale next year.
She added that the current schedule included in her forecast assumes a large quantity of the vaccine will be launched by mid-2021, according to announcements by companies regarding major progress in developing the vaccine, thus We expect a stronger economic recovery in the second half of 2021.
On the oil side, Jadwa's current estimates for Saudi oil production indicate that OPEC and its partners could add about 1.9 million barrels per day to total production in January 2021, but it may be Oil production is much lower than expected if the alliance cuts part of the planned rise during an OPEC meeting next week.
