Saudi economy to double in 2022 on oil and “robust” non-oil sector
Saudi Arabia’s economic growth is expected to more than double in 2022, helped by higher oil prices and a “robust” non-oil sector, while unemployment among citizens is on the decline, said private equity group Jadwa Investment.
The Arab world’s biggest economy is forecast to grow 7.7 per cent in 2022, from 3.2 per cent last year, Jadwa said in a report. Oil gross domestic product is set to rise 15.5 per cent while robust non-oil growth of 3.4 per cent is expected. The non-oil sector grew 6.1 per cent a year in 2021 while oil GDP recorded annual growth of 0.2 per cent. Brent, the global benchmark for two-thirds of the world’s oil, surged to about $140 a barrel earlier this month, the highest since 2008. The benchmark is up about 50 per cent since the start of the year.
Unemployment among Saudi nationals hit its lowest levels since 2009 as the economy continues its rebound from the impact of the pandemic and as oil prices rally, government data showed. The unemployment rate for citizens declined to 11 per cent in the fourth quarter of 2021, compared to 11.3 per cent in the previous three-month period, data from the kingdom’s General Authority for Statistics showed.
