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Economic Diversification Progress
Saudi Arabia’s non-oil sector experienced a 3.4% growth in the first quarter of 2024, demonstrating significant progress towards economic diversification under Saudi Vision 2030. This growth highlights the Kingdom’s efforts to reduce its dependence on oil by expanding other sectors.
Decline in Oil Activities
Despite the positive growth in non-oil activities, the Kingdom faced an 11.2% year-on-year decline in oil activities. This downturn underscores the volatility of the oil market and the importance of diversifying the economy.
Government Activities and GDP Growth
Government activities in Saudi Arabia also saw a rise of 2% in the same period. The real GDP, however, decreased by 1.7% compared to the previous quarter but grew by 1.4% when compared to the last quarter of the previous year.
Vision 2030 Implementation
Saudi Arabia’s Vision 2030 aims to create a prosperous economy by opening new sectors and growth engines. The successful implementation of various programs and projects has begun to yield positive results, as seen in the recent economic performance.
Impact on Global Perception
These developments reinforce Saudi Arabia’s position as a growing global destination for tourism and entertainment. The international community is closely watching the Kingdom’s transition and its impact on the global economy.
Future Prospects
The continued focus on non-oil sectors promises to further stabilize and grow the Saudi economy. This strategic shift is expected to create more sustainable growth and reduce the economic risks associated with oil dependency.
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