Saudi Arabia’s economy is expected to double in size by 2022, thanks to oil and a “viable” non-oil industry.

Saudi Arabia’s economy is expected to double in size by 2022, thanks to oil and a “viable” non-oil industry.

Saudi Arabia’s economy is predicted to more than double in size by 2022, thanks to increasing oil prices and a “vibrant” non-oil industry, while citizen unemployment is decreasing, according to private equity firm Jadwa Investment.

According to a projection by Jadwa, the Arab world’s largest economy would rise 7.7% in 2022, up from 3.2 percent last year. Oil GDP is predicted to expand by 15.5 percent, while non-oil GDP is expected to grow by 3.4 percent.

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In 2021, the non-oil sector increased at a rate of 6.1 percent per year, while oil GDP rose at a rate of 0.2 percent per year. Brent, the worldwide benchmark for two-thirds of the world’s oil, hit a new high of almost $140 per barrel earlier this month, the highest level since 2008. Since the beginning of the year, the benchmark has risen by almost 50%.

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Saudi national unemployment fell to its lowest level since 2009, according to government data, as the economy continues to recover from the effects of the epidemic and oil prices rise.

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According to figures from the kingdom’s General Authority for Statistics, the jobless rate for nationals fell to 11% in the fourth quarter of 2021, down from 11.3 percent in the previous three months.

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Works as an in-house Writer at Gulf Tech Plus and focuses on the latest smart consumer electronics. Closely follows the latest trends in consumer IoT and how it affects our daily lives. You can follow him on Facebook, Instagram & YouTube.

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