Having slowed at the start of this year, our Saudi GDP Tracker suggests that the economy has rebounded in recent months. The oil sector is growing once again. Meanwhile, the non-oil sector continues to expand at a robust pace, supported by rising government spending and rapid credit growth. But while the recent pace of credit growth in the Gulf as a whole is not overly concerning, Saudi Arabia is one country where it is growing at a rate that, if sustained, could cause problems further ahead.
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