Saudi Gazette Report

RIYADH - The kingdom of Saudi Arabia in 2021 has recorded its highest ever non-oil revenues.

While the business climate index for the non-oil economy has grew by more than 13% in October.

Finance Minister Mohammed Al-Jadaan confirmed that the Kingdom's non-oil output will grow by 4.8% in 2022 and at a rate of 5% in 2023 and 2024.

The Crown Prince Muhammad Bin Salman said Saudi Arabia has achieved high rates of real GDP growth for the non-oil sector, which amounted to about 5.4% until the end of the third quarter of 2021.

The Kingdom achieved a record level of SR372 billion on its non-oil revenues in the budget of 2021, which is equivalent to 40% of the total state revenues, amounting SR930 billion.

This statement came after Saudi Arabia’s Council of Ministers approved the general budget for the fiscal year of 2022 on Sunday, with an estimated total revenues of SR1045 billion and spending of SR955 billion.