Moody’s sees Saudi non-oil GDP to grow by 3-4% annually until 2030

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Moody’s Analytics expects Saudi Arabia’s non-oil GDP to grow between 3% and 4% annually until 2030.

Speaking at a webinar on the economic prospects for the Middle East and North Africa in 2024, Catarina Noro, an economist at Moody’s, said the oil sector is expected to grow between 0.5% and 1.5% after 2025.

The Saudi economy witnessed a transformation in the past decade, with the non-oil sector capturing a significant share of GDP growth, she said. This was driven by the Kingdom’s continued provision of credit facilities to small and medium-sized enterprises, which are expected to stimulate growth in vital sectors such as tourism and construction.

Noro added that sustaining this momentum requires concurrent growth in the labor force, noting that increasing the rate of women’s participation and developing the number of expatriates will be essential in improving private sector growth and expanding the non-oil economy.