Saudi Arabia is currently stressing on linking the annual financial reports of public agencies with future Saudi goals and global indicators, and recent forecasts have carried estimates of the growth of the Kingdom's economy during 2022 by 7% on an annual basis; Supported by the growth of the oil sector, as well as the strong levels of the non-oil sector.
According to Arab Net, Jadwa Investment Company said that the Saudi economy is heading to record a strong growth level during the year 2021, with the momentum expected to continue in the coming year, explaining that it has revised its estimates of the gross domestic product for the whole of 2021 to 2.7% compared to 1.8%, with an adjustment to growth expectations. For the non-oil sector to 5.7%, in the current year, compared to 4.4%, previously.
Jadwa Investment added in a recent report issued by it yesterday that it expects the economy to move forward in the next year thanks to the continued implementation of the Kingdom’s Vision 2030, stating that the next year represents a critical stage in the Kingdom’s efforts towards diversifying the base of its non-oil economy, which will be guided by a set of commitments. For a period of 5 years until 2025, which was recently revealed under the various programs to achieve the vision.
According to the report’s forecast, the growth in the economy is driven by the growth of the oil sector as a result of the Kingdom’s increase in crude oil production in line with year-on-year increases in global oil demand, at a time when the Kingdom’s average production of crude oil is expected to reach 10.3 million barrels per day, an increase of 14 percent. cent next year, which will lead to a rise in GDP at similar levels, according to Asharq Al-Awsat newspaper.
Jadwa expected that the Kingdom would maintain a current account surplus in the second half of 2021 and 2022. Accordingly, it expects to witness a current account surplus of $46 billion in 2021, and $56 billion in 2022.
