Saudi Minister of Finance: Economic indicators call for optimism and non-oil GDP helped GDP continue to grow

Saudi Finance Minister Mohammed Al-Jadaan stressed that non-oil GDP helped GDP continue to grow and economic indicators call for optimism.

He added during the press conference for the Saudi budget for the year 2025 that there are very large leaps in the size of small and medium enterprises, expecting spending to reach 1.345 trillion riyals by the end of this year.

The Minister of Finance expected that inflation in the Kingdom next year will be less than 2%, and expectations for non-oil GDP are expected to reach 3.7% by the end of the year, and it is likely that revenues will reach around one trillion riyals, and plans to increase growth will continue during next year’s budget. According to the Minister, non-oil revenues have grown by 154% since the launch of the vision in 2016, and that spending will increase in 2025 to improve services and focus on growth strategies, indicating that spending on qualitative projects has increased by 34% in a compound manner since 2016. The Minister of Finance added that spending on strategies and programs to achieve the vision has increased by 33%, and that oil’s contribution to GDP today is only 28%, and that structural changes in the Kingdom’s economy have begun to show their results, and non-oil activities contributed 52% to GDP during the first half of this year.