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HomeEconomySaudi Arabia’s Non-Oil Sectors Eclipse Oil in GDP Contribution

Saudi Arabia’s Non-Oil Sectors Eclipse Oil in GDP Contribution

Vision 2030 Midpoint Achievements Unveiled in China

June 26, 2024
in Economy, Vision 2030
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During a recent dialogue session in Dalian, China, Saudi Arabia’s Minister of Economy and Planning, Faisal Al Ibrahim, provided insights into the progress of the country’s ambitious Vision 2030. Halfway through the implementation of this transformative agenda, the kingdom’s economy is witnessing significant growth, particularly in non-oil sectors.

At the ‘What do we expect from future growth?’ session, part of the New Champions Dalian 2024 meeting—an extension of the World Economic Forum—Al Ibrahim showcased the impressive growth of non-oil sectors, which now account for 51 percent of Saudi Arabia’s real GDP.

He pointed out the rapid economic progression since the launch of Vision 2030, citing an 8.7 percent economic growth rate in 2022, accompanied by a 5.6 percent expansion in non-oil activities. This marks a historic shift where the non-oil economy has overtaken the oil sector in size within the kingdom.

The Vision 2030 initiative, inaugurated in 2016, is the kingdom’s strategic framework to reduce dependence on oil and promote economic diversification. Its three pillars focus on fostering a vibrant society, a thriving economy, and an ambitious nation.

Tags: economic diversificationNon-Oil Sector Growthrenewable energySaudi economySaudi Vision 2030
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