{"id":390842,"date":"2025-06-26T16:03:40","date_gmt":"2025-06-26T19:03:40","guid":{"rendered":"https:\/\/anba.com.br\/?p=390842"},"modified":"2025-06-26T16:03:43","modified_gmt":"2025-06-26T19:03:43","slug":"non-oil-sector-drives-saudi-economy","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/non-oil-sector-drives-saudi-economy\/","title":{"rendered":"Non-oil sector drives Saudi economy"},"content":{"rendered":"\n<p>S\u00e3o Paulo \u2014 The growth of Saudi Arabia\u2019s economy this year is being driven by the non-oil sector, according to a report on the country\u2019s economic performance released Thursday (26) by the International Monetary Fund (<a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noopener\">IMF<\/a>). Although it is still dependent on oil revenues and production\u2014currently at 9 million barrels per day, the lowest level since 2011\u2014the Gulf country is seeing results from its economic diversification initiative.<\/p>\n\n\n\n<p>The fund said this year the non-oil sector is expected to grow by 3.4%, about 0.8 percentage points less than in 2024, driven by government projects, especially those under the Vision 2030 economic diversification plan. The overall economy is projected to grow by 3.5% this year compared to 2024, 3.9% in 2026, and maintain a steady growth rate of 3.3% in the medium term.<\/p>\n\n\n\n<p>Some of the sectors leading the expansion of the non-oil sector are retail, hospitality, and construction, as well as domestic consumption. These sectors helped the country offset a 4.4% decline in oil GDP in 2024.<\/p>\n\n\n\n<p>The IMF also noted that the unemployment rate ended last year at a historic low of 7%, reflecting a \u201cbroad-based\u201d improvement. This progress is seen in reduced unemployment among youth and women and a 12% increase in private sector job creation, while public sector hiring is slowing down.<\/p>\n\n\n\n<p>In assessing the Arab country\u2019s finances, the IMF also indicated an increase in the fiscal deficit to the equivalent of 2.5% of GDP and noted that Saudi Arabia is one of the least indebted countries in the world: net debt stands at 17% of GDP. The banking sector, the fund reported, is well capitalized and resilient, but financing costs are rising.<\/p>\n\n\n\n<p><em>Read more<\/em>:<br><a href=\"https:\/\/anba.com.br\/en\/brazils-mission-to-saudi-arabia-spurs-business\/\">Brazil\u2019s mission to Saudi Arabia spurs business<\/a><\/p>\n\n\n\n<p><strong>Translated by Guilherme Miranda<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-390825\">\u00a9Fayez Nureldine\/AFP<\/div>","protected":false},"excerpt":{"rendered":"<p>A survey conducted by the IMF shows that consumption, government investments, and job creation are responsible for the expansion of the Gulf country.<\/p>\n","protected":false},"author":2316,"featured_media":390825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[53637,10545,1988,1964,9595],"class_list":{"0":"post-390842","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-deficit-2","9":"tag-economy-en","10":"tag-imf","11":"tag-oil","12":"tag-saudi-arabia-en"},"wps_subtitle":"A survey conducted by the IMF shows that consumption, government investments, and job creation are responsible for the expansion of the Gulf country.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/390842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=390842"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/390842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/390825"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=390842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=390842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=390842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}