Saudi Arabia expects 2.7% real GDP growth in 2018

Saudi Arabia's real gross domestic product (GDP) is projected to grow by 2.7 percent next year, driven mainly by a 3.7 percent expansion in non-oil real GDP, the finance ministry said in a statement.

The private sector will be a main catalyst for this growth, as its real investments are forecast to grow by 3.3 percent in 2018.

The public sector will also play a vital role in the non-oil economic growth, thanks to the direct impact of raising government spending by nearly 5.6 percent to implement the current and future reforms.

Meanwhile, the Saudi macroeconomic conditions are likely to improve next year, when compared to 2017, backed by a large budget that focuses on expansionary spending and various economic reform programs, the ministry added.