S&P: Non-oil sector growth supports the Kingdom's economy
The global credit rating agency Standard & Poor's has issued a recent report on the economic outlook for the Kingdom of Saudi Arabia. The report indicated that the growth of the non-oil sector plays a pivotal role in reducing the state's fiscal revenue reliance on oil prices, thereby enhancing the stability of the national economy in the long term.
The agency expects the Kingdom's real GDP to see a contraction of approximately 0.9% during 2026. This estimate comes within the framework of the major economic transformations the Kingdom is undergoing as part of Vision 2030, which aims to diversify national income sources away from total reliance on oil resources.
In contrast, forecasts point to a strong economic recovery in 2027, with GDP expected to achieve growth of up to 8.2%. These figures underscore the resilience of the Saudi economy and its ability to recover rapidly thanks to massive investments in non-oil sectors.
The report also clarified that the pace of economic growth will stabilize during the period between 2028 and 2029, with average growth expected to reach approximately 3.3%. These indicators are considered positive and reflect the success of the strategic plans followed by the Kingdom to enhance economic sustainability.
In conclusion, these forecasts remain a testament to the continuous efforts exerted by the Kingdom to develop an attractive investment environment. It is expected that these steps will contribute to building a diverse and robust economy that keeps pace with global developments and ensures a prosperous future for coming generations.