The Saudi Ministry of Finance has acknowledged the release of the 2025 Article IV consultation report by the International Monetary Fund (IMF). The report commends Saudi Arabia for its resilience in handling external economic challenges and highlights continued growth in non-oil sectors, success in controlling inflation, and a record low unemployment rate.
The IMF report notes improvements in fiscal data transparency and risk analysis regarding public finances. It also recognizes the government’s shift to medium-term financial planning, including proactive spending limits set through 2030. According to the IMF, Saudi Arabia faces limited direct impact from global trade tensions. Economic growth is expected to be supported by strong domestic demand and changes to OPEC+ production cuts despite uncertain international conditions.
Private investment and consumption have contributed to robust economic performance. Real non-oil GDP increased by 4.5% in 2024, with notable gains in retail, hospitality, construction, and a 6.3% year-on-year rise in non-oil private investment.
Looking ahead, the IMF projects that real non-oil GDP will grow by 3.4% in 2025 as Saudi Vision 2030 projects continue and credit expansion remains strong.
The report welcomes Saudi Arabia’s approach to scenario analysis and contingency planning aimed at sustaining public finances during potential shocks. “Prioritizing high-impact projects represents a wise approach to maintaining fiscal sustainability,” the IMF stated.
