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2027 Budget Sets Growth at 12.8%
The Saudi Ministry of Finance expects the country's real GDP to grow by 12.8% in 2027, after an anticipated contraction of 3.6% in 2026. This rebound is driven by recovery in oil activity and sustained growth in non-oil sectors, which contributed 57.3% of the GDP during the first half of the year. Non-oil revenues are also expected to increase to around 505 billion riyals, strengthening the non-oil economy base. Projections indicate that the potential fiscal deficit will amount to approximately 191 billion riyals in 2027, with both expenditures continuing to rise and expanding to nearly 1.5 trillion riyals in the coming years. This will be financed through debt instruments and other financial solutions. The labor market has also shown stability, with the unemployment rate decreasing to 6.5%, and the number of Saudis employed in the private sector rising to about 2.7 million. Expectations remain for continued recovery and growth of the national economy in the coming years.
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