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FinancialNews
28-02-23
Riyad Capital: Saudi economy estimated to surge 3 percent this year
(MENAFN) Saudi Arabia’s financial expansion is estimated to accelerate to 3 percent this year backed by a strong non-oil industry, in line with an estimation by Riyad Capital.
The report estimates the production from this part of the economy is going to surge by 5 percent this year.
The expansion is going to be triggered by a sturdy financial policy geared towards rising investment expenditure, in line with the capital market firm.
The oil industry is also estimated to carry on its expansion trajectory projected at 1.2 percent in 2023, as mentioned in the report.
Last year, Saudi Arabia’s gross domestic output growth rate saw a jump of 8.7 percent – the peakiest jump in over a decade (2011). The oil industry was one of the major drivers, constituting in a minimum of 4.8 percent to this expansion.
In the fourth quarter of last year alone the nation’s economy registered a surge of 5.4 percent on a yearly basis.
MENAFN28022023000045014228ID1105668000
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