For the first time, Saudi Arabia has admitted that some of the projects in its Vision 2030 plan, which aim to diversify its economy away from oil, have been postponed in order to avoid economic pressures.
Saudi Finance Minister Mohammed Al Jadaan told Bloomberg on Thursday that the kingdom is the world's largest exporter and needs more time to "build factories and even build up enough human resources." "The postponement or postponement of some projects will contribute to economic development," the minister added. Some strategies have been postponed, and some will be funded after 2030. But it was not specified which projects were postponed.
Saudi Arabia's economy shrank by 4 percent year-on-year in the third quarter due to lower production and activity, the world's largest exporter, the General Bureau of Statistics of Saudi Arabia, said at the end of October5%。The authorities' quick estimates show that the ** reduction in activity dragged the economy into its first quarterly decline since early 2021.
Earlier this year, the International Monetary Organization said Saudi Arabia's economic growth this year would be 8 percent higher than last year's due to production cuts implemented by the world's largest exporter to "stabilize the market."7% is significantly slowed.
In its 2024 budget statement released this week, Saudi Arabia's finance ministry said it expects a budget deficit of 1 percent of GDP in fiscal 20249%。In the first half of 2023, Saudi Arabia's domestic production activity fell by 1 due to voluntary production cuts, the ministry said3%。As a result of voluntary production cuts, non-oil activities increased by 59%, with a projected real GDP growth rate of just 003%。Preliminary estimates for fiscal year 2024 point to real GDP growth of 44%, again driven by GDP growth in non-oil activities. (Compiled by Xiao Chen).
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