A recent report issued by Jadwa Investment shows expected growth in the non-oil sector at 2.4 percent in 2019, compared to 1.7 percent in 2018, and forecasted 2020 non-oil sector growth at 2.7 percent.
“Our economic forecast for the Kingdom has been revised down wholly on the account of developments related to the oil market…On the non-oil side, however, we see higher growth at 2.7 percent compared to 2.3 percent previously (and 2.1 percent in 2018). Within this forecast, we expect to see non-oil private sector growth to improve to 2.4 percent, compared to 1.7 percent in 2018,” Jadwa Investment said in a recent update.
“Our upwardly revised non-oil private sector GDP reflects a general improvement in a number of high frequency economic indicators and a pick-up in activity as demonstrated by recently released Q1 GDP data. In fact, our non-oil private sector composite index shows that economic activity remains elevated in Q2 2019,” the Riyadh-based bank said.
The consolidation of efforts in striving towards achieving Vision 2030 goals and targets set under the National Transformation Program (NTP) “have paved the way for pick up in momentum for the Saudi economy,” Jadwa Investment said.