Saudi Arabia admits delays to some Vision 2030 for the first time

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For the first time, Saudi Arabia acknowledges that some of its Vision 2030 plans to diversify its economy away from oil are delayed due to pressures on the economy.

“The delay or rather the extension of some projects will serve the economy,” the minister added.

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“Some methods have been postponed and others will be funded after 2030,” Al Jadaan told Bloomberg, specifying which projects are delayed.

Saudi Arabia’s economy contracted by up to 4. 5% year-on-year in the third quarter, due to a drop in oil production and activities, the General Statistics Authority of the world’s largest crude oil exporter said in late October. The authority’s preliminary estimates showed that The drop in oil activity dragged the economy to its first quarterly decline since the beginning of 2021.

Earlier this year, the IMF said the Saudi economy would slow sharply this year from last year’s 8. 7% expansion due to oil production cuts that the world’s largest crude exporter is implementing in a bid to “stabilize the market. “

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During the first part of 2023, Saudi Arabia’s domestic product from oil activities declined by 1. 3% due to voluntary relief in oil production, the ministry said.

Due to the voluntary oil production cuts, real GDP growth for FY 2023 is expected at just 0.03%, thanks to a 5.9% increase of non-oil activities.

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By Tsvetana Paraskova for Oilprice. com

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