Saudi Inflation Persists as Weak Demand Weighs on GrowthSource: www.export-egypt.com 7/19/2017, Location: Middle East |
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Saudi Arabian consumer prices dropped again in June, reflecting the nation’s worst economic slowdown since 2009 as the kingdom struggles to cope with low oil prices.
The economy shrank 0.5 percent year-on-year in the first quarter amid lower oil output and cutbacks in spending to shore up public finances. However, the reinstatement of public sector benefits and bonuses, and the introduction of value-added taxes in 2018 should support a return of positive inflation, according to Jason Tuvey, an economist at London-based Capital Economics. |
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Financials and Investment News in Saudi Arabia >> |
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