‎“Moody’s” expects Saudi non-oil sector to grow by 4% annually ‎until 2030‎

Moody’s Analytics revealed that it expects Saudi Arabia’s non-oil GDP to grow between 3 and 4% annually until 2030.

According to Al Arabiya, the corporation stated that this expected growth will push the non-oil economy to constitute about 56% of the Kingdom’s gross domestic product.

On the other hand, Moody’s expected the oil sector’s growth to be between 0.5% and 1.5% after 2025.

The agency also expected non-oil GDP growth in Saudi Arabia between 3 and 4 percent annually until 2030.

The General Authority for Statistics announced earlier this month that the non-oil sector in the Kingdom grew by 3.5% in the third quarter of this year.

It is noteworthy that the International Monetary Fund expects the growth of the non-oil sector close to 5% in 2023, driven by strong domestic demand, stressing that the Kingdom’s economy is witnessing transformations against the backdrop of implementing reforms to reduce dependence on oil, diversify sources of income, and enhance competitiveness.

The report issued by the Fund stated that the Fund’s latest annual review of the Kingdom’s economy reflects significant progress in the growth of the non-oil economy, which has accelerated since 2021, reaching an average of 4.8% in 2022, despite the decline in overall growth due to voluntary additional reductions in oil production.