Saudi Arabia’s domestic demand to keep non-oil growth at 5% in 2023: IMF

Non-oil growth in Saudi Arabia remained close to 5 percent in 2023, spurred by strong domestic demand despite lower overall growth caused by additional oil production cuts, according to the International Monetary Fund. Non-oil growth in the Arab world’s largest economy accelerated since 2021, averaging 4.8 percent in 2022, Sidra Rehman, an economist, at IMF’s Middle East and Central Asia department, said in a staff report.