Saudi Arabia's non-oil sector is poised for robust growth in the medium term, with projections indicating a sustained expansion rate of over 5%. While this figure falls slightly below a previous estimate, it underscores the kingdom's commitment to diversifying its economy away from reliance on oil revenues.
The shift towards a more diversified economy has been a key priority for Saudi Arabia in recent years, as the government seeks to reduce its dependence on oil exports and create new economic opportunities. The focus on non-oil sectors is seen as a crucial step towards achieving long-term economic sustainability and resilience.
Despite the adjusted growth forecast, the outlook for the non-oil sector in Saudi Arabia remains positive. The country has been implementing a range of economic reforms and initiatives to support and stimulate non-oil industries, including investment in infrastructure, technology, and human capital development.
The sustained growth in the non-oil sector is expected to contribute significantly to job creation, economic development, and overall prosperity in Saudi Arabia. By diversifying its economy and reducing its reliance on oil, the kingdom is positioning itself for a more stable and prosperous future.
