With 2.8% Q3 growth driven by non-oil sectors, Saudi Economic Growth Vision outlines strategies to navigate global challenges and ensure resilience

RIYADH: Saudi Arabia’s Council of Economic and Development Affairs (CEDA) convened via video conference to review the Kingdom’s economic outlook and approve critical strategies aimed at sustaining growth and resilience in the face of global economic challenges. The meeting underscored Saudi Arabia’s commitment to diversifying its economy, aligning with the broader Vision 2030 objectives.

The council examined the quarterly economic report from the Ministry of Economy and Planning, which revealed a 2.8% economic growth rate for Q3 2024, with non-oil sectors driving a 4.2% year-on-year expansion. This performance aligns with the Saudi Economic Growth Vision, reflecting the Kingdom’s strategic pivot away from oil dependence, a central pillar of Vision 2030.

Saudi Arabia’s Ministry of Finance provided an in-depth report on the fiscal performance through the third quarter, highlighting robust revenues, controlled expenditures, and effective public debt management. The report affirmed the government’s ongoing investment in development projects and its dedication to enhancing social welfare systems, critical components of the Kingdom’s long-term economic vision.

During the session, the Permanent Committee for Price Monitoring presented insights into global and local price trends, consumer behaviour, and inflation management. The committee emphasised efforts to stabilise prices and ensure a steady supply of consumer goods amid fluctuating global markets.

Key discussions also centred around the National Export Strategy Project, the National Savings Strategy, and initiatives to promote financial inclusion and education. The council explored the Real Estate Price Index for Q3 2024, providing an overview of trends in the property market. Additionally, the executive summary of foreign trade for August 2024, alongside the Consumer Price Index and Wholesale Price Index for September, were scrutinised to assess inflationary pressures and trade dynamics.

CEDA’s meeting highlighted the Kingdom’s proactive approach to economic stewardship, focusing on strategic decision-making to bolster non-oil economic growth. The council’s recommendations will shape Saudi Arabia’s economic policies in the months ahead, ensuring the resilience and sustainability of its evolving economic landscape.