Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%

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A picture shows a view of cranes and shipping containers at a loading dock of Jeddah's Islamic Seaport on Saudi Arabia's western Red Sea coast. (Photo by Fayez Nureldine / AFP)
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  • The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
  • As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth

The Saudi Finance Ministry has forecast the kingdom’s real gross domestic product to grow by 7.4 percent.

The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP.

As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth, the report explained.

Based in Riyadh, the publisher of the report, the Local Content and Government Procurement Authority, was established in 2018 to develop local content at the level of the national economy and improve government procurement efforts.

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