S&P Ratings: KSA to Diversify Saudi Economy by 2030
S&P Global Ratings said that before 2030, Saudi Arabia will witness many investment projects, which will contribute to diversifying Saudi economy by introducing new industries rather than solely depending on hydrocarbon sector, reported Saudi News.
Non-Oil Activities
In an unparalleled achievement, Saudi’s non-oil activities recorded its highest-ever contribution to the Gross Domestic Product (GDP) in 2023, reaching an impressive 50%. This milestone, as analyzed by the Ministry of Economy and Planning based on data from the General Authority for Statistics (GASTAT), signifies a historic peak in the diversification of KSA’s economy. The total value of the non-oil economy soared to 1.7 trillion Riyals at constant prices, propelled by sustained growth in investment, consumption, and exports. This surge also indicates Saudi Arabia’s effective policies and initiatives to boost non-oil sectors as economic growth drivers.
Saudi’s Non-Oil Activities Alignment with Vision 2030
The significant increase in the non-oil sector’s contribution aligns with Saudi Vision 2030’s goal of a thriving, diversified economy. This progress also confirms KSA’s success in Vision 2030’s implementation, opening new sectors to boost growth rates. Saudi Arabia’s strategic endeavors to diversify its economy and enhance non-oil sectors underscore its commitment to Vision 2030. Furthermore, they position KSA as a leading example of comprehensive and sustainable economic development on the global stage.
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