Fitch expects real household spending in Saudi Arabia to decline marginally in 2024 as growth returns to a steady track. The positive outlook for non-oil activity supports the broader economic recovery.
Fitch warned that there are some risks if oil prices fall below their current levels of $80 a barrel, which could reduce government spending. Higher interest rates in the first half of 2024 despite lower inflation will also affect consumers' ability to spend in the short term.
Fitch expects real household spending in Saudi Arabia to grow by 3.1 percent year-on-year in 2024 to reach a total of 1.1 trillion riyals.
Source (Al-Arabiya.net Website, Edited)
