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Saudi economy sends mixed signals

While the overall economy is picking up, Saudis are feeling the pinch from subsidy cuts

Saudi Arabia's long-term goal is, to quote Crown Prince Mohammed bin Salman, to end the country's addiction to oil. This is the foundation stone supporting Vision 2030 and the 2020 targets set out in the kingdom's National Transformation Programme. But in the immediate future, oil—and in particular its global price—remains key. Saudi Arabia is leading efforts to encourage Opec and non-Opec producers to stick to their commitment to restrict oil output in order to support prices. It wasn't always easy. But the strategy has, in the end, been successful. According to the latest report from analyst and consultancy Capital Economics, "the impact of the 2016 Opec agreement to cut oil output has fa

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