Minister of Economy: We expect Saudi GDP growth between 4-‎‎5% during 2024‎

Faisal Al-Ibrahim, Minister of Economy and Planning, expected the Kingdom’s gross domestic product (GDP) to grow at a rate between 4-5% in 2024, confirming that investment in the Kingdom will grow significantly in 2022 as it continues this year, expecting it to continue at a rate between 7-9%. ‎

Al-Ibrahim said in an interview with Al Arabiya Business that the growth of non-oil economic activities in the Kingdom may range between 5-6% during the current year, adding, “We expect non-oil activities to grow by between 5-7% this year.” Next.”

Regarding the sectors that will lead the growth of non-oil activities during the next year, the minister said, “If we look at the second quarter of this year, we find that non-oil activities grew by 6.1%, and if we delve deeper, we will find that the services that were exported are the highest growing, at the forefront of which are Tourism, which grew by approximately 135% on an annual basis.

The Minister of Economy also expected the continued growth of sectors related to tourism, adding, “We want to see greater growth in sectors related to industry, logistics, education, technology, research, and innovation to sustain economic diversification.”

He added, “We will have diversity in tourism activity, entertainment, sports, culture, and all sectors that did not exist previously. They will create growth in the non-oil sector, and will be an infrastructure to attract talent and visitors to support the growth of non-oil activities.”

The Minister of Economy revealed the growth of nationalization in the defense-related industries sector from 4% before Vision 2030 to 15%, noting that heavy industries, including shipbuilding, help in enabling non-oil exports.