Saudi Arabia’s Estimated Gross Domestic Product Expansion Indicates Rise in Economic Activity: Jadwa Investment

Riyadh-based Jadwa Investment, an asset management and advisory company, has stated that Saudi Arabia's economy is on very stable footing, owing to growth in the Kingdom's non-oil sector in the first half of 2021, which has laid the groundwork for faster economic expansion in the second half of 2021.

Why it Matters?

Jadwa Investment has revised upwards its 2021 GDP forecast to 1.8% year-on-year (YoY) from its previous forecast of 1.3% YoY, this growth supported by a 4.3% YoY increase in the country’s non-oil economic growth. The Kingdom is focused on diversifying the economy under its Vision 2030 programme, which aims to reduce its dependency on hydrocarbons and aims to develop local industries and the country’s manufacturing capabilities....