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Turkey Expects $1.6 Billion Surplus in Medium-term Plan

Tourists in Istanbul. Reuters photo
Tourists in Istanbul. Reuters photo
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Turkey Expects $1.6 Billion Surplus in Medium-term Plan

Tourists in Istanbul. Reuters photo
Tourists in Istanbul. Reuters photo

Ankara- The Turkish government expects its primary surplus at 5.8 billion lira ($1.62 billion) in 2018, as part of its latest medium-term plan.

The government also announced in its Official Gazette that it targeted primary surplus of 11.8 billion lira in 2019 and 25.5 billion lira in 2020 as part of the plan, which is updated annually.

The ratio of primary surplus to GDP was seen at 0.2 percent in 2018 and 0.3 percent in 2019, the Official Gazette said, reaching 0.6 percent in 2020.

Meanwhile, Turkish Deputy Prime Minister Mehmet Simsek said that in 2018, an additional 18 billion lira ($5 billion) would be allocated to the Ministry of National Defense and military industries.

The new allocations will help buy weaponry to modernize the military.

Simsek told a TV interview that the Turkish government intends to lower spending in the 2018 budget.

Also this week, according to released data, the total market value of companies listed on the Borsa Istanbul Stock Exchange (BIST), which stood at 616 billion lira ($172 billion) as of December 30, 2016, have increased, reaching 801 billion lira ($223 billion) in September.

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Saudi Arabia’s Non-Oil Industrial Sector Grows 5.3% in 2024

Saudi flags along a street in the capital, Riyadh (Reuters) 
Saudi flags along a street in the capital, Riyadh (Reuters) 
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Saudi Arabia’s Non-Oil Industrial Sector Grows 5.3% in 2024

Saudi flags along a street in the capital, Riyadh (Reuters) 
Saudi flags along a street in the capital, Riyadh (Reuters) 

Saudi Arabia’s non-oil industrial sector recorded a strong 5.3% growth in 2024, underlining the Kingdom’s ongoing progress in diversifying its economy in line with the Vision 2030 agenda. The latest figures from the General Authority for Statistics (GASTAT) reveal that this growth was largely driven by manufacturing, utilities, and infrastructure development.

Despite the robust performance of the non-oil sector, overall industrial production declined by 2.3% compared to 2023. This contraction was mainly due to a 5.2% drop in oil-related activities, following the Kingdom’s adherence to OPEC+ oil production cuts. As a result, mining and quarrying shrunk by 6.8%.

Manufacturing expanded by 4.7% year-on-year, with food production up 6.2% and chemical manufacturing, including refined petroleum products, rising by 2.8%. These gains reflect increasing industrial capacity and rising demand in both domestic and export markets.

Other areas of growth included utilities and public services. Electricity, gas, steam, and air conditioning activities grew by 3.5%, while water supply, sewage, and waste management services posted a 1.6% increase.

Minister of Economy and Planning Faisal Alibrahim recently stated that non-oil activities now account for 53% of the Kingdom’s real GDP, compared to significantly lower levels before the launch of Vision 2030. He also noted a 70% increase in private investment in non-oil sectors over the same period.

The Kingdom’s non-oil exports reached SAR 515 billion (approximately $137 billion) in 2024, marking a 13% rise over 2023 and a 113% increase since 2016. Export growth spanned petrochemical and non-petrochemical products, with merchandise exports alone totaling SAR 217 billion.

According to a recent World Bank report, Saudi Arabia’s economy grew by 1.8% in 2024, up from 0.3% in 2023. While oil-sector output fell 3%, the non-oil economy expanded by 3.7%, cushioning the broader economy from energy market volatility. The World Bank forecasts continued growth, projecting a 2.8% increase in 2025 and an average of 4.6% annually through 2026 and 2027.