By Innovation-sa on June 13, 2019 in News
Saudi Arabia’s economic growth is expected to pick up further this year despite threats due to global economic slowdown and its possible impact on the oil market, the Kingdom’s Central Bank said.
Reports published by the Saudi Arabian Monetary Authority (SAMA) noted that the Kingdom’s economic growth recovered to 2.2 percent in 2018 in comparison to a 0.7 percent decline the previous year. The growth was triggered mainly by the oil sector, which progressed 2.9 percent while the non-oil sector grew by 1.7 percent in 2018, compared to 1 percent in 2017.
The growth of the Kingdom’s non-oil sector is expected to be stimulated by expansionary fiscal policy as the budget for 2019 shows a significant increase in capital expenditure by SR245 billion, the report said.
The country’s non-oil revenues rose 90 percent in 2018 compared to the previous year and reached SR287 billion, with more than half coming from tax revenues, while government expenditure rose by 11 percent to SR1 trillion in 2018.
Bloomberg – 02 June 2019