Saudi Arabia’s economic growth in 2019 will be significantly less than the kingdom had expected because of OPEC-led oil output cuts, the country’s finance minister said on Wednesday.

“Total GDP is going to be significantly less than what we have forecasted,” Mohammed al-Jadaan told Reuters in an interview in Riyadh, referring to internal estimates.

The minister noted, meanwhile, that last week’s attack on Aramco had “zero” impact on revenue.

Jadaan said the oil-driven GDP is influenced by Saudi Arabia’s lower petroleum output in the wake of an OPEC-led supply deal to support oil markets.

He did not give any projections for 2019 GDP growth in the Arab world’s largest economy, but the International Monetary Fund has said it could grow 1.9% in 2019, slower than 2.2% in 2018.

The Saudi central bank had said earlier this year the economy will grow no less than 2% in 2019.

Economists have said the kingdom may have to revise down economic growth estimates due to lower crude output, with some forecasting a contraction this year in the world’s biggest oil exporter.

Source: Reuters