The Saudi economy was able to confront external shocks, the Director of the Middle East and Central Asia Department at the International Monetary Fund Jihad Azour said, according to Ajel.SA.
The Saudi economy, especially the non-oil sector, has been able, over the past years, to confront the challenges, starting from the Covid-19 pandemic, the war in Ukraine, till the volatile situation in the region, added Azour, during his interview on Al-Ekhbariya channel.
The non-oil sector was stable with a good level of growth and became the engine of growth for 2023 and 2024. In addition, increasing the expected production of oil will contribute to raising the Kingdom’s gross domestic product and this reflects the reforms and investments that have been reflected in the improvement of the non-oil economy.
Saudi Arabia’s non-oil exports increased by 0.8% in January 2024, according to the International Trade Report for January 2024 published by General Authority for Statistics.
National non-oil exports, save for re-exports, decreased to 11.5% and the value of re-exports increased to 42.6% in the same period. Exports decreased in January 2024 by 10.3% compared to January 2023 due to a decrease in petroleum exports by 13.5%. The percentage of petroleum exports decreased to 74.8% in January 2024, down from 77.6% in January 2023.
S&P Global Ratings said that before 2030, Saudi Arabia will witness many investment projects. These projects will contribute to diversifying Saudi economy by introducing new industries rather than solely depending on hydrocarbon sector, reported Saudi News.
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