IMF Middle East director: Non-oil sector driving Saudi growth

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00:00Real GDP growth in Saudi Arabia projected to rise steadily throughout the course of 2026 as well.

00:08What's behind the growth?

00:09What is behind the growth? First is the performance of the non-oil sector.

00:13Over the last few years, the diversification strategy in Saudi,

00:17with the development of a certain number of reforms,

00:20has led to steady, stable growth in the non-oil sector.

00:24In 2021-22, Saudi was the highest-growing economy in the G20,

00:32thanks to the effort of diversification.

00:35In 2025 and 26, the increase in oil production,

00:40because of the latest agreement of the OPEC+, will also grow the oil sector.

00:46Of course, this acceleration of production will be less

00:52than what was expected in December.

00:55This is why we had to revise downward our projections for this year and next,

01:01because of this decision.