Vision 2030 : Saudi Economy Continues to Reap the Benefits of Reforms Achieving 75% Targets

After 7 Years of Launching Vision 2030. The Saudi Economy Continues to Reap the Benefits of Reforms and Change After Achieving 75% of the Vision’s Targets.

🔝 The Saudi Economy Continues Its Strong Growth Despite Global Challenges

✔️ The Saudi economy grew by 7.7% in the third quarter of 2023, the highest growth rate in 9 years, driven by strong growth in the non-oil sector and increasing domestic demand.
✔️ The International Monetary Fund predicts that the Saudi economy will grow by 7% in 2023 and 6.6% in 2024, driven by growth in the non-oil sector and increased government investments.

🔝 Growth in the Non-Oil Sector Exceeds Expectations

✔️ The non-oil sector grew by 5.4% in the first half of 2023, the highest growth rate in 9 years, driven by growth in manufacturing, trade, transport, and logistics services.
✔️ The Ministry of Finance expects the non-oil sector to grow by 6% in 2023, driven by growth in the industrial, tourism, and real estate sectors.

🔝 Inflation Rates in the Kingdom at Their Lowest Globally

✔️ The inflation rate in the Kingdom reached 1.7% in November 2023, the lowest among the G20 countries, driven by the Saudi government’s measures to contain price increases.
✔️ The Saudi government has taken proactive measures to contain price increases, such as setting a cap on gasoline prices and increasing food stock levels, in addition to cash support provided to citizens.

🔝 Performance of Public Agencies Rises to Its Highest Value Since 2019

✔️ The percentage of completed initiatives out of the total active initiatives in public agencies rose to 70% in the third quarter of 2023, the highest rate since 2019, driven by the Saudi government’s efforts in supporting public agencies and reviewing and following up on their corrective plans.
✔️ The Saudi government has made significant efforts in supporting public agencies and reviewing and following up on their corrective plans, such as the “Improving the Performance of Public Agencies” initiative launched in 2022.

🔝 Major Projects Prepare for Gradual Launch

✔️ Indicators of completion for the Qiddiya project have begun to appear, and the Red Sea project is preparing to launch, followed by the Amaala project.
✔️ The Saudi government continues to work on launching major projects initiated by Vision 2030, such as the Qiddiya, RedSea, and Amaala projects.

🔝 The Tourism Sector Achieves a Major Leap

✔️ The Kingdom has become a recreational tourism destination in the region, welcoming more than 10 million foreign visitors in 2023, driven by the launch of new tourism projects.
✔️ The Kingdom raised its visitor target to 150 million by 2030 instead of 100 million, having reached 100 million by the end of 2023, driven by the Saudi government’s efforts in developing the tourism sector.