Al-Jadaan: Saudi non-oil economic growth is expected to exceed 5%

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Saudi Gazette report

RIYADH — Minister of Finance Mohammed Al-Jadaan mentioned that Saudi Arabia’s non-oil gross home product (GDP) is recording a progress of over 4 % and is predicted to exceed 5 % within the medium time period.

Attending a panel session on the 3rd Saudi Capital Market Discussion board in Riyadh on Monday, Al-Jadaan mentioned that the non-oil GDP witnessed wholesome progress regardless of the crises. “This progress confirms the power and resilience of the Saudi financial system.”

The minister mentioned that Saudi Arabia promised a significant transformation for the reason that launch of the Kingdom’s Imaginative and prescient 2030. “This transformation started to point out success and dedication throughout good and tough occasions,” he mentioned whereas stressing the Kingdom’s dedication to bringing stability and funding alternatives to the world.

“It is a very younger nation that promised transformation seven years in the past, and now it’s displaying that and is already demonstrating it on this corridor. Displaying success in addition to the power to implement and commit throughout good and tough occasions,” he mentioned, including: “we are going to proceed this strategy, and we are going to proceed till 2030 and past 2030. We are going to proceed a journey that we wish to share with the world,” he mentioned.

Al-Jadaan emphasised that Saudi Arabia needs to contribute to attaining stability on this planet, and supply enterprise alternatives for the world. “We’re dedicated and are very critical about this matter, and on the geopolitical facet we affirm our dedication to cope with the present conditions. Saudi Arabia has proven very clearly its dedication to peace and stability, and we are going to proceed to press to realize this by working with “our mates and allies, and with regard to the monetary sector, we’re dedicated.”

Al-Jadaan disclosed that Saudi Arabia has a program to develop the monetary sector, which the truth is brings collectively a really delicate group of contributors. “There are two unbiased regulatory our bodies that we don’t want to inform them what they need to do. There’s additionally a 3rd regulatory physique that joins us together with the Ministry of Finance, Ministry of Funding, and Ministry of Financial system. These ministries present the three regulatory our bodies with the heart beat of what needs to be completed and what the financial system wants and what traders want in order to make sure that there may be coordination and that there’s consensus,” he mentioned whereas emphasizing that it is a very robust place.

The minister careworn that this coordinated strategy to the monetary sector is an excellent benefit and traders needs to be proud of it. It’s noteworthy that Saudi Arabia, the biggest oil exporting nation on this planet, is accelerating its plans to diversify the financial system away from oil inside the framework of its Imaginative and prescient 2030.

The Kingdom goals to develop sectors equivalent to tourism and trade, broaden the personal sector, and supply job alternatives. Non-oil companies considerably outperformed oil sector enlargement final yr, fueling general progress that had slowed on the again of oil manufacturing cuts and decrease costs. Non-oil GDP recorded a progress of 4.6 % in 2023, whereas GDP as a complete contracted 0.9 %. The federal government expects a rise in spending over the approaching years, which analysts mentioned will beef up home progress and help non-oil GDP, however may even trigger a monetary deficit within the Kingdom of about two % this yr.

Al-Jadaan mentioned that Saudi Arabia’s financial and social reforms have allowed it to be higher ready to cope with exterior shocks such because the COVIDd-19 pandemic and geopolitical dangers. The minister pointed to the transformation in social and financial facets in addition to in monetary coverage. He additionally highlighted the success in decreasing the price range deficit from 15 % to 2 % or much less. He mentioned that that is the best way to make the Kingdom extra highly effective and able to coping with these shocks.

The Saudi price range recorded whole revenues of about SR1.21 trillion in 2023, in comparison with whole expenditures of about SR1.29 trillion, bringing the deficit to about SR81 billion. Information from the Ministry of Finance revealed that the precise price range revenues within the fourth quarter of 2023 amounted to SR357.984 billion, whereas the worth of price range expenditures within the fourth quarter of 2023 amounted to about SR394.979 billion, in accordance with what the ministry introduced on February 14, this yr.

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The worth of precise non-oil revenues in 2023 amounted to about SR457.728 billion, an annual enhance of 11 %, whereas non-oil revenues within the fourth quarter of 2023 amounted to about SR108.773 billion. Precise oil revenues amounted to about SR754.6 billion in 2023, whereas oil revenues elevated 28 % on an annual foundation to SR249.2 billion within the final quarter of 2023.

Nonetheless, non-oil revenues decreased by 12 % to SR108.8 billion within the final quarter of 2023, in comparison with roughly SR123.8 billion in the identical quarter of 2022. Whole oil revenues amounted to SR505.35 billion within the first 9 months of 2023, in comparison with about SR663.08 billion in the identical interval of the earlier yr. Whole non-oil revenues elevated by 22 % to about SR348.9 billion within the 9 months of 2023, in comparison with SR287 billion within the comparative interval of 2022.

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