Saudi non-oil economy gains resilience as banks seek new funding: S&P
- Saudi Arabia's non-oil economy is gaining resilience amid a widening fiscal deficit, which reached SR160 billion ($42.7 billion) in the first half of 2026.
- S&P Global Ratings projects that the fiscal deficit will widen to 5.8% of GDP in 2026 but improve to an average of 3.4% from 2027 to 2029 due to adjustments in Vision 2030 projects.
- Non-oil activities grew by 0.9% year-on-year in Q2 2026, contrasting with a 4.7% contraction in real GDP primarily due to a 24.8% decline in oil activity.
