7% growth in the Saudi economy next year


Jadwa Investment expects the Kingdom’s economy to grow during 2022 by 7% on an annual basis; Supported by a significant increase in the oil and non-oil sectors, noting that it is on its way to register a strong level of growth during the year 2021 with expectations of continued momentum in the coming year. 1.8%, according to its previous estimates, with an adjustment to the growth expectations of the non-oil sector by raising it to 5.7% this year, compared to 4.4% previously. Years until 2025, and expected, that the growth in the economy will be driven by the Kingdom’s increase in oil production, expecting that the average production of crude oil will reach 10.3 million barrels per day, an increase of 14% next year, and expected that the Saudi Central Bank “SAMA” will maintain the repo rate ( repo) and reverse repo (reverse repo) unchanged from March 2020 levels, and Jadwa Investment noted that the main risks facing its forecast are related to the potentially confusing nature of the Corona pandemic.

Non-oil revenues jumped to 370 billion riyals according to the previous quarter, while oil revenues are expected to reach 600 billion riyals this year, an increase of 25% over the previous year.

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