September 23, 2019 / 6:53 AM / 3 months ago

Moody's says Saudi GDP to grow 0.3% in 2019 amid output cut

DUBAI, Sept 23 (Reuters) - Rating agency Moody’s has cut its forecast for Saudi economic growth in 2019 to 0.3% from its previous projection of 1.5% as it expects lower oil ouput from the kingdom for the rest of the year, a senior analyst said on Monday.

“We have revised down growth forecast for Saudi Arabia,” said Alexander Perjessy senior analyst at the rating agency said at a news conference.

Apart from the the disruption from the attack on Saudi oil facilities earlier this month, he said: “Saudi Arabia will continue its over compliance with the OPEC quota.” (Reporting by Alexander Cornwell; Writing by Hadeel Al Sayegh; Editing by Saeed Azhar)

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