KSA non-oil sector exhibits growth of 3.5 pc in third quarter of 2023: PAS

Moody’s Analytics forecasts an annual non-oil GDP growth in Saudi Arabia ranging between 3 and 4 percent until 2030. This anticipated expansion is poised to elevate the non-oil sector’s contribution to approximately 56 percent of the Kingdom’s gross domestic product.

Conversely, Moody’s projects the growth of the oil sector to be within the range of 0.5 to 1.5 percent after the year 2025. According to the Public Authority for Statistics, the non-oil sector in the Kingdom exhibited a growth of 3.5 percent during the third quarter of this year.

In pursuit of diversifying its economy for the “post-oil” era and bolstering its global influence, Saudi Arabia launched Vision 2030 in 2016. As the vision progresses towards completion, a study by PricewaterhouseCoopers notes that “the Kingdom is moving steadily towards achieving its goals in multiple fields.”

Saudi Vision 2030 emphasizes income source diversification, the development of public service sectors such as health and education, and the promotion of innovation and investment. Additionally, the vision aims to enhance the quality of life for citizens and elevate the Kingdom’s global standing.

Numerous reports, studies, and official government data suggest that Saudi Arabia is making significant strides towards achieving its goals, potentially ahead of schedule. These findings align with statements by Saudi Crown Prince Mohammed bin Salman, who, during a September interview with the American Fox News channel, affirmed that the Kingdom’s economy was the fastest-growing among the G20 countries in 2022. He further indicated that the non-oil economy is set to record the second-fastest growth in the G20, competing closely with India.

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