Arab Press

بالشعب و للشعب
Thursday, Feb 09, 2023

KSA’s growth in 2023 to be fueled by non-oil and oil sector activity: Report 

KSA’s growth in 2023 to be fueled by non-oil and oil sector activity: Report 

Saudi Arabia’s economic growth in 2023 is expected to be fueled by the robust expansion of the non-oil sector and sustained oil activity, according to a report released by consultancy firm Strategic Gears. 
The new report titled, Annual Saudi Arabia Economic Outlook, examines the Kingdom’s macroeconomic performance and outlook for growth, fiscal policy, inflation, the labor market, the external sector, the overall business environment and reform momentum. 

The Riyadh-based firm’s experts reviewed in the report the Kingdom’s performance in 2022 and outlook for 2023, as well as the progress of transformation plans as part of the government’s Vision 2030 strategy and things to watch next year. 

The report which referred to data from the recently released Saudi budget for 2023, as well as others from the Saudi Ministry of Finance and the International Monetary Fund to compile the report. 

The forecast for this year assumes continued momentum from 2022’s stellar 8.5 percent growth and expansion in non-oil domestic economic activity in 2023, led by the private sector. 

However, the report, suggested that the risk of re-emergence of COVID variants and global economic recession fears, particularly in the Kingdom’s key trade and foreign direct investment partners, were a source of concern. 

It also noted that, overall, fiscal restructuring in the Kingdom continues to assist in streamlining operating spending and diversifying income sources. Not surprisingly, the fiscal balance expects to show a surplus in 2023, and over the medium term until 2025. 

This would represent the second year of consecutive surplus for Saudia Arabia following eight years of budget deficits. 

In addition, public debt is forecast to remain below the government’s debt ceiling of 50 percent, the report added. 

Saudi Arabia’s unemployment rate continues to decline, while female labor force participation continues to grow. The share of women in the labor force has doubled in just four years, exceeding the Vision 2030 target already. 

However, according to Strategic Gears’s experts, the supply of specialist talent will need to keep up with growing demand. This could have wide-ranging long-run implications including higher labor costs. 

The year 2023 is expected to witness interesting activity in the travel, tourism and hospitality space, entertainment and related industries, progress on green initiatives, as part of the Saudi and MENA Green Initiatives, and the mining industry, the report concluded. 

Related Articles

Arab Press
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status