{"id":392910,"date":"2025-08-04T13:35:34","date_gmt":"2025-08-04T16:35:34","guid":{"rendered":"https:\/\/anba.com.br\/?p=392910"},"modified":"2025-08-04T13:35:37","modified_gmt":"2025-08-04T16:35:37","slug":"economic-diversification-supports-saudi-growth","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/economic-diversification-supports-saudi-growth\/","title":{"rendered":"Economic diversification supports Saudi growth"},"content":{"rendered":"\n<p>S\u00e3o Paulo \u2013 A decline in oil industry Gross Domestic Product (GDP) in 2024 and weaker revenue from the commodity\u2019s exploration should not impact growth and projects in Saudi Arabia in years to come, an International Monetary Fund (<a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noopener\">IMF<\/a>) analysis made public this Monday (4) shows. In the document, the IMF Executive Board forecasts 3.5% growth in Saudi non-oil GDP in the medium term, and national GDP to be up 3.6% this year and 3.9% next year.<\/p>\n\n\n\n<p>According to the IMF, Saudi Arabia has demonstrated resilience to external shocks \u201cas its economic diversification advances,\u201d in a reference to the Vision 2030 plan to invest in different sectors, diversifying the economy away from oil. The IMF lists domestic consumption, government projects, and the performance of retail, construction, and hospitality as growth drivers.<\/p>\n\n\n\n<p>\u201cUnemployment among Saudi nationals hit a record low, with youth and female unemployment rates halved over four years. The current account shifted to a 0.5% of GDP deficit from a 2.9% of GDP surplus in 2023, increasingly financed by external borrowing and reduced foreign asset accumulation,\u201d the IMF mentions, bringing up improvements \u2013 a reduction in unemployment \u2013 as well as points of attention, including the current account deficit, which should broaden to 2.6% this year and 3% next year.<\/p>\n\n\n\n<p>Read more:<br><a href=\"https:\/\/anba.com.br\/en\/saudi-arabia-welcomes-more-foreign-startups\/\" data-type=\"link\" data-id=\"https:\/\/anba.com.br\/en\/saudi-arabia-welcomes-more-foreign-startups\/\">Saudi Arabia welcomes more foreign startups<\/a><\/p>\n\n\n\n<p><strong>Translated by Gabriel Pomerancblum\u00a0<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-392895\">\u00a9Fayez Nureldine\/AFP<\/div>","protected":false},"excerpt":{"rendered":"<p>An IMF analysis indicates a decline in oil GDP, but domestic consumption and government projects will sustain growth in other sectors and the country as a whole.<\/p>\n","protected":false},"author":2316,"featured_media":392895,"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":[10160,10545,9756,1988,9595],"class_list":{"0":"post-392910","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-construction-en","9":"tag-economy-en","10":"tag-gdp-en","11":"tag-imf","12":"tag-saudi-arabia-en"},"wps_subtitle":"An IMF analysis indicates a decline in oil GDP, but domestic consumption and government projects will sustain growth in other sectors and the country as a whole.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/392910","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=392910"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/392910\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/392895"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=392910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=392910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=392910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}